81 FR 24676 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot Program for the Listing and Trading of Options Settling to the RealVolTM

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 80 (April 26, 2016)

Page Range		24676-24678
FR Document		2016-09596
Federal Register, Volume 81 Issue 80 (Tuesday, April 26, 2016)
[Federal Register Volume 81, Number 80 (Tuesday, April 26, 2016)]
[Notices]
[Pages 24676-24678]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-09596]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77660; File No. SR-BOX-2016-19]


Self-Regulatory Organizations; BOX Options Exchange LLC; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change To 
Extend the Pilot Program for the Listing and Trading of Options 
Settling to the RealVol^TM SPY Index (``Index'')

April 20, 2016.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\

[[Page 24677]]

notice is hereby given that on April 18, 2016, 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 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 the 
Substance of the Proposed Rule Change

    The Exchange proposes to extend the pilot program for the listing 
and trading of options settling to the RealVol^TM SPY Index 
(``Index''). 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 extend the pilot 
period for the listing and trading of options settling to the 
RealVol^TM SPY Index (``Index''), which is currently 
scheduled to expire on May 6, 2016.\3\ The Exchange is proposing to 
extend the pilot period for an additional twelve (12) month period, 
until May 6, 2017. This filing does not propose any substantive changes 
to the listing and trading of options settling to the 
RealVol^TM SPY (``the RealVol^TM SPY Pilot 
Program'' or ``Pilot Program'').
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    \3\ See Securities Exchange Act Release No. 74876 (May 5, 2015), 
80 FR 26966 (May 11, 2015) (Order Approving SR-BOX-2015-06).
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    In the initial proposal to list and trade this product, the 
Exchange stated that if it were to propose an extension, permanent 
approval or termination of the Pilot Program, the Exchange would submit 
a filing proposing such amendments to the program.\4\ Accordingly, the 
Exchange is submitting this filing to extend the program, as the 
Exchange has not yet begun to list or trade options settling to the 
RealVol^TM SPY Index, but plans to do so in the future.
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    \4\ Id.
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    As proposed in the initial filing, the Exchange proposes to submit 
a Pilot Program Report to the Securities and Exchange Commission (the 
``Commission'') two months prior to the expiration date of the Pilot 
Program (the ``annual report'').\5\ The annual report would contain an 
analysis of volume, open interest, and trading patterns. The analysis 
would examine trading in the proposed option product as well as trading 
in SPY. In addition, for series that exceed certain minimum open 
interest parameters, the annual report would provide analysis of index 
price volatility and SPY trading activity. In addition to the annual 
report, the Exchange would provide the Commission with periodic interim 
reports while the pilot is in effect that would contain some, but not 
all, of the information contained in the annual report. The annual 
report would be provided to the Commission on a confidential basis.
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    \5\ Id. The Exchange did not submit an annual report because the 
Index was never listed for trading.
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    The annual report would 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.
    In addition to the annual report, the Exchange would provide the 
Commission with interim reports of the information listed in Items (1) 
through (6) above periodically as required by the Commission while the 
pilot is in effect. These interim reports would also be provided on a 
confidential basis.
    In addition, the annual report would contain the following analysis 
of trading patterns in VOLS series in the pilot:
    (1) A time series analysis of open interest; and
    (2) an analysis of the distribution of trade sizes.
    Also, for series that exceed certain minimum parameters, the annual 
report would contain the following analysis related to index price 
changes and SPY 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 would include 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 Chicago Board Options Exchange, 
Incorporated (``CBOE'') Volatility Index (VIX), would be provided; and
    (2) a calculation of trading volume for a sample set of SPY 
representing an upper limit on trading that could be attributable to 
expiring in-the-money series. The data would include a comparison of 
the calculated volume for SPY in the sample set to the average daily 
trading volumes of SPY over a sample period.
    The minimum open interest parameters, control sample, time 
intervals, and sample periods would be determined by the Exchange and 
the Commission.

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 it is designed to prevent 
fraudulent and manipulative acts and practices, to promote just and 
equitable principles of trade, 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. The Exchange 
believes the proposed extension will further the Exchange's goal of 
introducing new and innovative products to the marketplace. The 
Exchange believes that listing the RealVol^TM SPY Index will 
provide an opportunity for investors to hedge, or speculate on, the 
market risk associated with changes in realized volatility.
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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 extending the RealVol^TM SPY 
Index Pilot Program promotes just and equitable principles of trade by 
permitting market participants, including market makers, institutional 
investors and retail investors, the potential to establish

[[Page 24678]]

greater positions when pursuing their investment goals and needs.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. The Exchange notes that the 
proposed extension will allow for the listing and trading of a novel 
index option product that will enhance competition among market 
participants, to the benefit of investors and the marketplace.

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, it has become effective pursuant to Section 
19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 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.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \10\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \11\ permits the 
Commission to designate a shorter time if such action is consistent 
with the protection of investors and the public interest. The Exchange 
requests that the Commission waive the 30-day operative delay period 
and make the proposed rule change effective and operative upon filing 
because it will allow for the listing and trading of a previously 
approved novel index option product that will enhance competition among 
market participants, to the benefit of investors and the marketplace. 
The Exchange believes that the proposal is non-controversial and would 
not affect the protection of investors or the public interest and will 
not impose any burden on competition as it only seeks to extend the 
operation of a previously approved pilot program before it expires on 
May 6, 2016. The Commission believes that waiving the 30-day operative 
delay is consistent with the protection of investors and the public 
interest. Therefore, the Commission hereby waives the operative delay 
and designates the proposal operative upon filing.\12\
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    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 17 CFR 240.19b-4(f)(6)(iii).
    \12\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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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 change 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 [email protected]. Please include 
File Number SR-BOX-2016-19 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-2016-19. 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-2016-19, and should be 
submitted on or before May 17, 2016.
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    \13\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-09596 Filed 4-25-16; 8:45 am]
 BILLING CODE 8011-01-P
24676 Federal Register / Vol. 81, No. 80 / Tuesday, April 26, 2016 / Notices

Exchange generally, and to CUBE competing venues. In such an All submissions should refer to File
Auctions specifically, which would environment, the Exchange must Number SR–NYSEMKT–2016–45. This
benefit all market participants continually review, and consider file number should be included on the
(including those that do not participate adjusting, its fees and credits to remain subject line if email is used. To help the
in the ACE Program) through increased competitive with other exchanges. For Commission process and review your
opportunities to trade at potentially the reasons described above, the comments more efficiently, please use
improved prices as well as enhancing Exchange believes that the proposed only one method. The Commission will
price discovery. Furthermore, the rule change reflects this competitive post all comments on the Commission’s
Exchange notes that the ACE Initiating environment. Internet Web site (http://www.sec.gov/
Participant Rebate is equitable and not rules/sro.shtml). Copies of the
C. Self-Regulatory Organization’s
unfairly discriminatory because it submission, all subsequent
Statement on Comments on the
would continue to incent ATP Holders amendments, all written statements
Proposed Rule Change Received From
to transact Customer orders on the with respect to the proposed rule
Members, Participants, or Others
Exchange and an increase in Customer change that are filed with the
order flow would bring greater volume No written comments were solicited Commission, and all written
and liquidity to the Exchange. Increased or received with respect to the proposed communications relating to the
volume to the Exchange benefits all rule change. proposed rule change between the
market participants by providing more III. Date of Effectiveness of the Commission and any person, other than
trading opportunities and tighter Proposed Rule Change and Timing for those that may be withheld from the
spreads, even to those market Commission Action public in accordance with the
participants that do not participate in provisions of 5 U.S.C. 552, will be
the ACE Program. The foregoing rule change is effective available for Web site viewing and
Finally, the Exchange believes the upon filing pursuant to Section printing in the Commission’s Public
proposed changes are consistent with 19(b)(3)(A) 12 of the Act and Reference Room, 100 F Street NE.,
the Act because to the extent the subparagraph (f)(2) of Rule 19b–4 13 Washington, DC 20549 on official
modifications permit the Exchange to thereunder, because it establishes a due, business days between the hours of
continue to attract greater volume and fee, or other charge imposed by the 10:00 a.m. and 3:00 p.m. Copies of such
liquidity, the proposed change would Exchange. filing also will be available for
improve the Exchange’s overall At any time within 60 days of the inspection and copying at the principal
competitiveness and strengthen its filing of such proposed rule change, the office of the Exchange. All comments
market quality for all market Commission summarily may received will be posted without change;
participants. temporarily suspend such rule change if the Commission does not edit personal
For these reasons, the Exchange it appears to the Commission that such identifying information from
believes that the proposal is consistent action is necessary or appropriate in the submissions. You should submit only
with the Act. public interest, for the protection of information that you wish to make
investors, or otherwise in furtherance of available publicly. All submissions
B. Self-Regulatory Organization’s the purposes of the Act. If the
Statement on Burden on Competition should refer to File Number SR–
Commission takes such action, the NYSEMKT–2016–45, and should be
In accordance with Section 6(b)(8) of Commission shall institute proceedings submitted on or before May 17, 2016.
the Act,11 the Exchange does not believe under Section 19(b)(2)(B) 14 of the Act to
determine whether the proposed rule For the Commission, by the Division of
that the proposed rule change would
Trading and Markets, pursuant to delegated
impose any burden on competition that change should be approved or
authority.15
is not necessary or appropriate in disapproved.
Robert W. Errett,
furtherance of the purposes of the Act. IV. Solicitation of Comments Deputy Secretary.
The Exchange believes the proposed
amendments to the ACE Program are Interested persons are invited to [FR Doc. 2016–09594 Filed 4–25–16; 8:45 am]

pro-competitive as the proposed submit written data, views, and BILLING CODE 8011–01–P

increased rebates may encourage OFPs arguments concerning the foregoing,
to direct Customer order flow to the including whether the proposed rule
change is consistent with the Act. SECURITIES AND EXCHANGE
Exchange and any resulting increase in
Comments may be submitted by any of COMMISSION
volume and liquidity to the Exchange
would benefit all Exchange participants the following methods: [Release No. 34–77660; File No. SR–BOX–
through increased opportunities to trade Electronic Comments 2016–19]
as well as enhancing price discovery. • Use the Commission’s Internet
Further, the Exchange believes the Self-Regulatory Organizations; BOX
comment form (http://www.sec.gov/ Options Exchange LLC; Notice of
proposed amendments to CUBE Auction rules/sro.shtml); or
pricing are pro-competitive as the fees Filing and Immediate Effectiveness of
• Send an email to rule-comments@ a Proposed Rule Change To Extend
and credits are designed to incent sec.gov. Please include File Number SR– the Pilot Program for the Listing and
increases in the number of CUBE NYSEMKT–2016–45 on the subject line. Trading of Options Settling to the
Auctions brought to the Exchange,
Paper Comments RealVolTM SPY Index (‘‘Index’’)
which would benefit all Exchange
mstockstill on DSK4VPTVN1PROD with NOTICES

participants through increased • Send paper comments in triplicate April 20, 2016.
opportunities to trade as well as to Brent J. Fields, Secretary, Securities Pursuant to Section 19(b)(1) of the
enhancing price discovery. and Exchange Commission, 100 F Street Securities Exchange Act of 1934
The Exchange notes that it operates in NE., Washington, DC 20549–1090. (‘‘Act’’),1 and Rule 19b-4 thereunder,2
a highly competitive market in which
market participants can readily favor 12 15 U.S.C. 78s(b)(3)(A). 15 17 CFR 200.30–3(a)(12).
13 17 CFR 240.19b–4(f)(2). 1 15 U.S.C. 78s(b)(1).
11 15 U.S.C. 78f(b)(8). 14 15 U.S.C. 78s(b)(2)(B). 2 17 CFR 240.19b–4.

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24678 Federal Register / Vol. 81, No. 80 / Tuesday, April 26, 2016 / Notices

greater positions when pursuing their public interest and will not impose any communications relating to the
investment goals and needs. burden on competition as it only seeks proposed rule change between the
to extend the operation of a previously Commission and any person, other than
B. Self-Regulatory Organization’s
approved pilot program before it expires those that may be withheld from the
Statement on Burden on Competition
on May 6, 2016. The Commission public in accordance with the
The Exchange does not believe that believes that waiving the 30-day provisions of 5 U.S.C. 552, will be
the proposed rule change will impose operative delay is consistent with the available for Web site viewing and
any burden on competition not protection of investors and the public printing in the Commission’s Public
necessary or appropriate in furtherance interest. Therefore, the Commission Reference Room, 100 F Street NE.,
of the purposes of the Act. The hereby waives the operative delay and Washington, DC 20549 on official
Exchange notes that the proposed designates the proposal operative upon business days between the hours of
extension will allow for the listing and filing.12 10:00 a.m. and 3:00 p.m. Copies of such
trading of a novel index option product At any time within 60 days of the filing also will be available for
that will enhance competition among filing of the proposed rule change, the inspection and copying at the principal
market participants, to the benefit of Commission summarily may office of the Exchange. All comments
investors and the marketplace. temporarily suspend such rule change if received will be posted without change;
C. Self-Regulatory Organization’s it appears to the Commission that such the Commission does not edit personal
Statement on Comments on the action is necessary or appropriate in the identifying information from
Proposed Rule Change Received From public interest, for the protection of submissions. You should submit only
Members, Participants, or Others investors, or otherwise in furtherance of information that you wish to make
the purposes of the Act. If the available publicly. All submissions
The Exchange has neither solicited Commission takes such action, the should refer to File Number SR–BOX–
nor received comments on the proposed Commission shall institute proceedings 2016–19, and should be submitted on or
rule change. to determine whether the proposed rule before May 17, 2016.
III. Date of Effectiveness of the change should be approved or For the Commission, by the Division of
Proposed Rule Change and Timing for disapproved. Trading and Markets, pursuant to delegated
Commission Action IV. Solicitation of Comments authority.13
Because the proposed rule change Robert W. Errett,
Interested persons are invited to
does not (i) significantly affect the Deputy Secretary.
submit written data, views, and
protection of investors or the public arguments concerning the foregoing, [FR Doc. 2016–09596 Filed 4–25–16; 8:45 am]
interest; (ii) impose any significant including whether the proposed rule BILLING CODE 8011–01–P
burden on competition; and (iii) become change is consistent with the Act.
operative for 30 days from the date on Comments may be submitted by any of
which it was filed, or such shorter time SECURITIES AND EXCHANGE
the following methods:
as the Commission may designate, it has COMMISSION
become effective pursuant to Section Electronic Comments
[Release No. 34–77659; File No. SR–CBOE–
19(b)(3)(A) of the Act 8 and Rule 19b– • Use the Commission’s Internet 2016–037]
4(f)(6) thereunder.9 comment form (http://www.sec.gov/
A proposed rule change filed rules/sro.shtml); or Self-Regulatory Organizations;
pursuant to Rule 19b–4(f)(6) under the • Send an email to rule-comments@ Chicago Board Options Exchange,
Act 10 normally does not become sec.gov. Please include File Number SR– Incorporated; Notice of Filing and
operative for 30 days after the date of its BOX–2016–19 on the subject line. Immediate Effectiveness of a Proposed
filing. However, Rule 19b–4(f)(6)(iii) 11 Rule Change To Amend the Fees
permits the Commission to designate a Paper Comments Schedule
shorter time if such action is consistent • Send paper comments in triplicate
with the protection of investors and the to Brent J. Fields, Secretary, Securities April 20, 2016.
public interest. The Exchange requests and Exchange Commission, 100 F Street Pursuant to Section 19(b)(1) of the
that the Commission waive the 30-day NE., Washington, DC 20549–1090. Securities Exchange Act of 1934 (the
operative delay period and make the All submissions should refer to File ‘‘Act’’),1 and Rule 19b–4 thereunder,2
proposed rule change effective and Number SR–BOX–2016–19. This file notice is hereby given that on April 11,
operative upon filing because it will number should be included on the 2016, Chicago Board Options Exchange,
allow for the listing and trading of a subject line if email is used. To help the Incorporated (the ‘‘Exchange’’ or
previously approved novel index option Commission process and review your ‘‘CBOE’’) filed with the Securities and
product that will enhance competition comments more efficiently, please use Exchange Commission (the
among market participants, to the only one method. The Commission will ‘‘Commission’’) the proposed rule
benefit of investors and the marketplace. post all comments on the Commission’s change as described in Items I and II
The Exchange believes that the proposal Internet Web site (http://www.sec.gov/ below, which Items have been prepared
is non-controversial and would not rules/sro.shtml). Copies of the by the Exchange. The Exchange filed the
affect the protection of investors or the submission, all subsequent proposal as a ‘‘non-controversial’’
amendments, all written statements proposed rule change pursuant to
8 15 U.S.C. 78s(b)(3)(A). with respect to the proposed rule Section 19(b)(3)(A) of the Act 3 and Rule
mstockstill on DSK4VPTVN1PROD with NOTICES

9 17 CFR 240.19b–4(f)(6). As required under Rule
change that are filed with the 19b–4(f)(6) thereunder.4 The
19b-4(f)(6)(iii), the Exchange provided the Commission is publishing this notice to
Commission with written notice of its intent to file Commission, and all written
the proposed rule change, along with a brief
13 17 CFR 200.30–3(a)(12).
description and the text of the proposed rule 12 For purposes only of waiving the 30-day
1 15 U.S.C. 78s(b)(1).
change, at least five business days prior to the date operative delay, the Commission has also
of filing of the proposed rule change. 2 17 CFR 240.19b–4.
considered the proposed rule’s impact on
10 17 CFR 240.19b–4(f)(6). 3 15 U.S.C. 78s(b)(3)(A).
efficiency, competition, and capital formation. See
11 17 CFR 240.19b–4(f)(6)(iii). 15 U.S.C. 78c(f). 4 17 CFR 240.19b–4(f)(6).

VerDate Sep<11>2014 22:08 Apr 25, 2016 Jkt 238001 PO 00000 Frm 00125 Fmt 4703 Sfmt 4703 E:\FR\FM\26APN1.SGM 26APN1
Document Created: 2016-04-26 01:36:28
Document Modified: 2016-04-26 01:36:28
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		81 FR 24676