81 FR 3512 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving a Proposed Rule Change To Permit P.M.-Settled Options on Broad-Based Indexes To Expire on Any Wednesday of the Month by Expanding the End of Week/End of Month Pilot Program
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 13 (January 21, 2016)
Federal Register Volume 81, Issue 13 (January 21, 2016)
| Page Range | 3512-3514 | |
| FR Document | 2016-01059 |
[Federal Register Volume 81, Number 13 (Thursday, January 21, 2016)] [Notices] [Pages 3512-3514] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-01059] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76909; File No. SR-CBOE-2015-106] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving a Proposed Rule Change To Permit P.M.- Settled Options on Broad-Based Indexes To Expire on Any Wednesday of the Month by Expanding the End of Week/End of Month Pilot Program January 14, 2016. I. Introduction On November 17, 2015, Chicago Board Options Exchange, Incorporated (``CBOE'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to expand the End of Week/End of Month Pilot Program to permit P.M.-settled options on broad-based indexes to expire on any Wednesday of the month and extend the duration of the pilot program. The proposed rule change was published for comment in the Federal Register on December 3, 2015.\3\ The Commission received no comments on the proposal. This order approves the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 76529 (November 30, 2015), 80 FR 75695 (December 3, 2015) (``Notice''). --------------------------------------------------------------------------- II. Description of the Proposal CBOE proposes to expand and extend the duration of its existing End of Week/End of Month Pilot Program (the [[Page 3513]] ``Pilot'').\4\ Under the terms of the current Pilot, the Exchange is permitted to list P.M.-settled options on broad-based indexes to expire on (a) any Friday of the month, other than the third Friday-of-the- month (``EOW''), and (b) the last trading day of the month (``EOM'').\5\ Under the proposal, the Exchange will expand the Pilot to permit P.M.-settled options on broad-based indexes to expire on any Wednesday of the month (``WED''), other than Wednesdays that are EOM, and extend the duration of the Pilot to May 3, 2017.\6\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 62911 (September 14, 2010), 75 FR 57539 (September 21, 2010) (order approving SR-CBOE- 2009-075) (``Pilot Approval Order''). See also Securities Exchange Act Release No. 73422 (October 24, 2014), 79 FR 64640 (October 30, 2014) (SR-CBOE-2014-079) (notice of filing and immediate effectiveness extending the Pilot). The Pilot is currently set to expire on May 3, 2016. See id. \5\ EOWs and EOMs are permitted on any broad-based index that is eligible for regular options trading. EOWs and EOMs are cash-settled expirations with European-style exercise, and are subject to the same rules that govern the trading of standard index options. See CBOE Rule 24.9(e). \6\ The Exchange also proposes to retitle the Pilot, which will cover EOW, EOM, and WED expirations, as the ``Nonstandard Expirations Pilot Program.'' --------------------------------------------------------------------------- A. Wednesday Expirations The Exchange's proposed rule change will allow it to open for trading WEDs on any broad-based index eligible for standard options trading to expire on any Wednesday of the month, other than a Wednesday that is EOM.\7\ WEDs will be treated the same as options on the same underlying index that expire on the third Friday of the expiration month, except that they will be P.M.-settled,\8\ and will be subject to the same rules that currently govern the trading of traditional index options, including sales practice rules, margin requirements, and floor trading procedures.\9\ In addition, WEDs on the same broad-based index will be aggregated for position limits, if any, and any applicable reporting and other requirements.\10\ Contract terms for WEDs will be similar to EOWs, as described below.\11\ --------------------------------------------------------------------------- \7\ See proposed CBOE Rule 24.9(e)(3). \8\ See id. \9\ See Notice, supra note 3, at 75696. \10\ See proposed CBOE Rule 24.4(b). \11\ See Notice, supra note 3, at 75696. --------------------------------------------------------------------------- The maximum number of expirations that may be listed for WEDs is the same as the maximum number of expirations permitted in CBOE Rule 24.9(a)(2) for standard options on the same broad-based index, and CBOE proposes that other expirations in the same class will not be counted as part of the maximum number of WED expirations for a particular broad-based index class.\12\ Other than expirations that coincide with an EOM expiration, CBOE's proposed rule will require that WED expirations expire on consecutive Wednesdays.\13\ Further, a new group of WEDs that are first listed in a given class may begin with an initial expiration up to four weeks from the date that CBOE first lists the group of WEDs.\14\ --------------------------------------------------------------------------- \12\ See proposed CBOE Rule 24.9(e)(3). \13\ See id. \14\ See id. The Exchange also proposes conforming language for EOWs. It provides that other than expirations that are third Friday- of-the-month or that coincide with an EOM expiration, EOW expirations shall be for consecutive Friday expirations. It also provides that EOWs that are first listed in a given class may expire up to four weeks from the actual listing date. See proposed CBOE Rule 24.9(e)(1). --------------------------------------------------------------------------- With respect to listing, if the last trading day of a month is a Wednesday, the Exchange will list an EOM and not a WED. This hierarchy will only apply if the Exchange lists an EOM in a particular class; if the Exchange does not list an EOM in that class on a last trading day of a month that is a Wednesday, it may list a WED.\15\ --------------------------------------------------------------------------- \15\ See proposed CBOE Rule 24.9(e)(3). The Exchange proposes to add language to clarify a similar listing hierarchy for EOW expirations: if the last trading day of a month is a Friday, the Exchange will list an EOM and not an EOW, but this hierarchy will only apply if the Exchange actually lists an EOM in a particular class. If the Exchange does not list an EOM in that class on a last trading day of a month that is a Friday, it may list a EOW. See proposed CBOE Rule 24.9(e)(1). --------------------------------------------------------------------------- B. Annual Pilot Program Report The Exchange currently submits a Pilot report to the Commission at least two months prior to the expiration date of the Pilot (the ``Annual Report''). The Exchange represents that it will expand the Annual Report to provide the same data and analysis related to WED expirations as is currently provided for EOW and EOM expirations.\16\ Because the Pilot is currently set to expire on May 3, 2016, and the Annual Report is provided at least two months prior the expiration date of the Pilot, the Exchange proposes to extend the Pilot to May 3, 2017 \17\ to provide a greater volume of data concerning WED expirations in the Annual Report due in 2017.\18\ The Exchange represents that it will provide an Annual Report in 2016 that covers EOWs, EOMs, and WEDs.\19\ --------------------------------------------------------------------------- \16\ See Notice, supra note 3, at 75697. \17\ Any positions established under the Pilot would not be impacted by the expiration of the Pilot. For example, if the Exchange lists an EOW, EOM, or WED expiration that expires after the Pilot expires (and is not extended) then those positions would continue to exist. However, any further trading in those series would be restricted to transactions where at least one side of the trade is a closing transaction. See Notice, supra note 3, at 75696. \18\ See Notice, supra note 3, at 75697. \19\ See id. --------------------------------------------------------------------------- III. Discussion and Commission Findings After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange and, in particular, with Section 6(b) of the Act.\20\ In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,\21\ which requires, among other things, that a national securities exchange have rules 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. --------------------------------------------------------------------------- \20\ 15 U.S.C. 78f(b). In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \21\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Commission has had concerns about the adverse effects and impact of P.M. settlement upon market volatility and the operation of fair and orderly markets on the underlying cash market at or near the close of trading. Only in limited instances has the Commission previously approved P.M. settlement for cash-settled options. In addition to approving the original Pilot,\22\ in 1993, the Commission approved CBOE's listing of P.M.-settled, cash-settled options on certain broad-based indexes expiring on the first business day of the month following the end of each calendar quarter.\23\ In 2010, the Commission approved CBOE's listing of P.M.-settled FLEX options on a pilot basis.\24\ The Commission also approved the listing of P.M.- settled SPX index options on a pilot basis.\25\ --------------------------------------------------------------------------- \22\ See Pilot Approval Order, supra note 4. \23\ See Securities Exchange Act Release No. 31800 (February 1, 1993), 58 FR 7274 (February 5, 1993) (SR-CBOE-92-13). In 2006, CBOE implemented, on a pilot basis, listing of P.M.-settled index options expiring on the last business day of a calendar quarter. See Securities Exchange Act Release No. 54123 (July 11, 2006), 71 FR 40558 (July 17, 2006) (SR-CBOE-2006-65). \24\ See Securities Exchange Act Release No. 61439 (January 28, 2010), 75 FR 5831 (February 4, 2010) (SR-CBOE-2009-087). \25\ The Commission initially approved P.M.-settled SPX index options (``SPXPM'') on a 14-month pilot basis (the ``SPXPM Pilot'') on C2 Options Exchange, Incorporated (``C2''). See Securities Exchange Act Release No. 65256 (September 2, 2011), 76 FR 55969 (September 9, 2011) (SR-C2-2011-008). The SPXPM Pilot was subsequently transferred from C2 to CBOE and reset to a new 12-month pilot period. See Securities Exchange Act Release No. 68888 (February 8, 2013), 78 FR 10668 (February 14, 2013) (SR-CBOE-2012- 120). In 2013, the Commission approved the addition of P.M.-settled mini-SPX index options to the SPXPM Pilot and the pilot's extension. See Securities Exchange Act Release No. 70087 (July 31, 2013), 78 FR 47809 (August 6, 2013) (SR-CBOE-2013-055). --------------------------------------------------------------------------- [[Page 3514]] The Commission believes that it is appropriate to approve the WEDs proposal on a pilot basis and extend the existing Pilot in order to allow the Exchange to gain experience with the new WEDs and collect data concerning WEDs. The addition of WEDs would offer additional investment options to investors and may be useful for their investment or hedging objectives. The Commission believes that the proposal strikes a reasonable balance between the Exchange's desire to offer a wider array of investment opportunities and the need to avoid unnecessary proliferation of options series that may burden some liquidity providers and further stress options quotation and transaction infrastructure. Further, CBOE's proposed extended Pilot period should allow for both the Exchange and the Commission to continue to monitor the potential for adverse market effects of P.M. settlement on the market, including the underlying cash equities markets at the expiration of these options. The Commission notes that CBOE will provide the Commission with the Annual Report analyzing volume and open interest of EOWs, EOMs, and WEDs, which will also contain information and analysis of EOWs, EOMs, and WED trading patterns and index price volatility and share trading activity for series that exceed minimum parameters. This information should be useful to the Commission as it evaluates whether allowing P.M. settlement for EOWs, EOMs, and WEDs has resulted in increased market and price volatility in the underlying component stocks, particularly at expiration. The Pilot information should help the Commission and CBOE assess the impact on the markets and determine whether changes to these programs are necessary or appropriate. Furthermore, the Exchange's ongoing analysis of the Pilot should help it monitor any potential risks from large P.M.-settled positions and take appropriate action if warranted. IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\26\ that the proposed rule change (SR-CBOE-2015-106) be, and it hereby is, approved. --------------------------------------------------------------------------- \26\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\27\ --------------------------------------------------------------------------- \27\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-01059 Filed 1-20-16; 8:45 am] BILLING CODE 8011-01-P
![3512 Federal Register / Vol. 81, No. 13 / Thursday, January 21, 2016 / Notices
may substitute another source of market fee, or other charge imposed by the filing also will be available for
data information for its own. Exchange. inspection and copying at the principal
Those competitive pressures imposed At any time within 60 days of the office of the Exchange. All comments
by available alternatives are evident in filing of such proposed rule change, the received will be posted without change;
the Exchange’s proposed pricing. Commission summarily may the Commission does not edit personal
temporarily suspend such rule change if identifying information from
In addition to the competition and it appears to the Commission that such submissions. You should submit only
price discipline described above, the action is necessary or appropriate in the information that you wish to make
market for proprietary data products is public interest, for the protection of available publicly. All submissions
also highly contestable because market investors, or otherwise in furtherance of should refer to File Number SR–NYSE–
entry is rapid and inexpensive. The the purposes of the Act. If the 2016–02 and should be submitted on or
history of electronic trading is replete Commission takes such action, the before February 11, 2016.
with examples of entrants that swiftly Commission shall institute proceedings
grew into some of the largest electronic For the Commission, by the Division of
under Section 19(b)(2)(B) 39 of the Act to Trading and Markets, pursuant to delegated
trading platforms and proprietary data determine whether the proposed rule authority.40
producers: Archipelago, Bloomberg change should be approved or
Tradebook, Island, RediBook, Attain, Robert W. Errett,
disapproved.
TrackECN, BATS Trading and Direct Deputy Secretary.
Edge. As noted above, BATS launched IV. Solicitation of Comments [FR Doc. 2016–01052 Filed 1–20–16; 8:45 am]
as an ATS in 2006 and became an Interested persons are invited to BILLING CODE 8011–01–P
exchange in 2008, while Direct Edge submit written data, views, and
began operations in 2007 and obtained arguments concerning the foregoing,
exchange status in 2010. including whether the proposed rule SECURITIES AND EXCHANGE
change is consistent with the Act. COMMISSION
In determining the proposed changes
to the fees for the NYSE OpenBook, the Comments may be submitted by any of [Release No. 34–76909; File No. SR–CBOE–
Exchange considered the the following methods: 2015–106]
competitiveness of the market for Electronic Comments
proprietary data and all of the Self-Regulatory Organizations;
implications of that competition. The • Use the Commission’s Internet Chicago Board Options Exchange,
Exchange believes that it has considered comment form (http://www.sec.gov/ Incorporated; Order Approving a
all relevant factors and has not rules/sro.shtml); or Proposed Rule Change To Permit P.M.-
• Send an email to rule-comments@ Settled Options on Broad-Based
considered irrelevant factors in order to
sec.gov. Please include File Number SR– Indexes To Expire on Any Wednesday
establish fair, reasonable, and not
NYSE–2016–02 on the subject line. of the Month by Expanding the End of
unreasonably discriminatory fees and an
equitable allocation of fees among all Paper Comments Week/End of Month Pilot Program
users. The existence of numerous • Send paper comments in triplicate January 14, 2016.
alternatives to the Exchange’s products, to Brent J. Fields, Secretary, Securities
including proprietary data from other I. Introduction
and Exchange Commission, 100 F Street
sources, ensures that the Exchange NE., Washington, DC 20549–1090. On November 17, 2015, Chicago
cannot set unreasonable fees, or fees All submissions should refer to File Board Options Exchange, Incorporated
that are unreasonably discriminatory, Number SR–NYSE–2016–02. This file (‘‘CBOE’’ or ‘‘Exchange’’) filed with the
when vendors and subscribers can elect number should be included on the Securities and Exchange Commission
these alternatives or choose not to subject line if email is used. To help the (‘‘Commission’’), pursuant to Section
purchase a specific proprietary data Commission process and review your 19(b)(1) of the Securities Exchange Act
product if the attendant fees are not comments more efficiently, please use of 1934 (‘‘Act’’) 1 and Rule 19b–4
justified by the returns that any only one method. The Commission will thereunder,2 a proposed rule change to
particular vendor or data recipient post all comments on the Commission’s expand the End of Week/End of Month
would achieve through the purchase. Internet Web site (http://www.sec.gov/ Pilot Program to permit P.M.-settled
C. Self-Regulatory Organization’s rules/sro.shtml). Copies of the options on broad-based indexes to
Statement on Comments on the submission, all subsequent expire on any Wednesday of the month
Proposed Rule Change Received From amendments, all written statements and extend the duration of the pilot
Members, Participants, or Others with respect to the proposed rule program. The proposed rule change was
change that are filed with the published for comment in the Federal
No written comments were solicited Commission, and all written Register on December 3, 2015.3 The
or received with respect to the proposed communications relating to the Commission received no comments on
rule change. proposed rule change between the the proposal. This order approves the
Commission and any person, other than proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for those that may be withheld from the II. Description of the Proposal
Commission Action public in accordance with the
provisions of 5 U.S.C. 552, will be CBOE proposes to expand and extend
asabaliauskas on DSK9F6TC42PROD with NOTICES
The foregoing rule change is effective available for Web site viewing and the duration of its existing End of Week/
upon filing pursuant to Section printing in the Commission’s Public End of Month Pilot Program (the
19(b)(3)(A) 37 of the Act and Reference Room, 100 F Street NE.,
40 17 CFR 200.30–3(a)(12).
subparagraph (f)(2) of Rule 19b–4 38 Washington, DC 20549 on official 1 15 U.S.C. 78s(b)(1).
thereunder, because it establishes a due, business days between the hours of 2 17 CFR 240.19b–4.
10:00 a.m. and 3:00 p.m. Copies of the 3 See Securities Exchange Act Release No. 76529
37 15 U.S.C. 78s(b)(3)(A). (November 30, 2015), 80 FR 75695 (December 3,
38 17 CFR 240.19b–4(f)(2). 39 15 U.S.C. 78s(b)(2)(B). 2015) (‘‘Notice’’).
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![3514 Federal Register / Vol. 81, No. 13 / Thursday, January 21, 2016 / Notices
The Commission believes that it is proposed rule change (SR–CBOE–2015– on the proposed rule change. The text
appropriate to approve the WEDs 106) be, and it hereby is, approved. of those statements may be examined at
proposal on a pilot basis and extend the For the Commission, by the Division of the places specified in Item IV below.
existing Pilot in order to allow the Trading and Markets, pursuant to delegated The Exchange has prepared summaries,
Exchange to gain experience with the authority.27 set forth in sections A, B, and C below,
new WEDs and collect data concerning Robert W. Errett, of the most significant parts of such
WEDs. The addition of WEDs would Deputy Secretary. statements.
offer additional investment options to [FR Doc. 2016–01059 Filed 1–20–16; 8:45 am]
investors and may be useful for their A. Self-Regulatory Organization’s
investment or hedging objectives. The
BILLING CODE 8011–01–P Statement of the Purpose of, and the
Commission believes that the proposal Statutory Basis for, the Proposed Rule
strikes a reasonable balance between the Change
SECURITIES AND EXCHANGE
Exchange’s desire to offer a wider array COMMISSION 1. Purpose
of investment opportunities and the
need to avoid unnecessary proliferation [Release No. 34–76901; File No. SR– The Exchange proposes to amend the
of options series that may burden some NYSEMKT–2016–03] fees for NYSE MKT OpenBook,4 as set
liquidity providers and further stress forth on the NYSE MKT Equities
Self-Regulatory Organizations; NYSE Proprietary Market Data Fee Schedule
options quotation and transaction
MKT LLC; Notice of Filing and (‘‘Fee Schedule’’). The Exchange
infrastructure. Further, CBOE’s
Immediate Effectiveness of Proposed proposes to make the following fee
proposed extended Pilot period should
Rule Change Amending the Fees for changes effective January 4, 2016:
allow for both the Exchange and the
Commission to continue to monitor the
NYSE MKT OpenBook • Establish a multiple data feed fee;
potential for adverse market effects of January 14, 2016.
• Discontinue fees relating to
P.M. settlement on the market, Pursuant to Section 19(b)(1) 1 of the managed non-display;
including the underlying cash equities Securities Exchange Act of 1934 (the • Modify the application of the non-
markets at the expiration of these ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 professional user fee cap; and
options. notice is hereby given that, on January • Modify fees relating to non-display
The Commission notes that CBOE will 4, 2016, NYSE MKT LLC (the use.
provide the Commission with the ‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with The Exchange also proposes to modify
Annual Report analyzing volume and the Securities and Exchange the application of the non-professional
open interest of EOWs, EOMs, and Commission (the ‘‘Commission’’) the fee cap, effective April 1, 2016.
WEDs, which will also contain proposed rule change as described in Multiple Data Feed Fee
information and analysis of EOWs, Items I, II, and III below, which Items
EOMs, and WED trading patterns and The Exchange proposes to establish a
have been prepared by the self-
index price volatility and share trading new monthly fee, the ‘‘Multiple Data
regulatory organization. The
activity for series that exceed minimum Feed Fee,’’ that would apply to data
Commission is publishing this notice to
parameters. This information should be recipients that take a data feed for a
solicit comments on the proposed rule
useful to the Commission as it evaluates market data product in more than two
change from interested persons.
whether allowing P.M. settlement for locations. Data recipients taking NYSE
EOWs, EOMs, and WEDs has resulted in I. Self-Regulatory Organization’s MKT OpenBook in more than two
increased market and price volatility in Statement of the Terms of Substance of locations would be charged $200 per
the underlying component stocks, the Proposed Rule Change additional location per month. No new
particularly at expiration. The Pilot The Exchange proposes to amend the reporting would be required.5
information should help the fees for NYSE MKT OpenBook to: (1) Managed Non-Display Fees
Commission and CBOE assess the Establish a multiple data feed fee; (2)
impact on the markets and determine discontinue fees relating to managed Non-Display Use of NYSE MKT
whether changes to these programs are non-display; (3) modify the application market data means accessing,
necessary or appropriate. Furthermore, of the non-professional user fee cap; and processing, or consuming NYSE MKT
the Exchange’s ongoing analysis of the (4) modify fees relating to non-display market data delivered via direct and/or
Pilot should help it monitor any use. The proposed rule change is
4 See Securities Exchange Act Release No. 60123
potential risks from large P.M.-settled available on the Exchange’s Web site at
(June 17, 2009), 74 FR 30192 (June 24, 2009) (SR–
positions and take appropriate action if www.nyse.com, at the principal office of NYSEAmex–2009–28) (establishing NYSE MKT
warranted. the Exchange, and at the Commission’s OpenBook). See also Securities Exchange Act
Public Reference Room. Release Nos. 69285 (April 3, 2013), 78 FR 21172
IV. Conclusion (April 9, 2013) (SR–NYSEMKT–2013–32) (adopting
It is therefore ordered, pursuant to II. Self-Regulatory Organization’s access fees, subscriber fees, and non-display fees)
Section 19(b)(2) of the Act,26 that the Statement of the Purpose of, and (‘‘2013 Non-Display Filing’’), 72020 (Sept. 9, 2014),
Statutory Basis for, the Proposed Rule 79 FR 55040 (Sept. 15, 2014) (SR–NYSEMKT–2014–
72) (amending non-display fees) (‘‘2014 Non-
(September 2, 2011), 76 FR 55969 (September 9, Change Display Filing’’) and 73986 (Jan. 9, 2015), 80 FR
2011) (SR–C2–2011–008). The SPXPM Pilot was In its filing with the Commission, the 1444 (Jan. 9, 2015) (SR–NYSEMKT–2014–113)
subsequently transferred from C2 to CBOE and reset (‘‘2015 NYSE MKT OpenBook Notice’’).
asabaliauskas on DSK9F6TC42PROD with NOTICES
to a new 12-month pilot period. See Securities self-regulatory organization included 5 Data vendors currently report a unique Vendor
Exchange Act Release No. 68888 (February 8, 2013), statements concerning the purpose of, Account Number for each location at which they
78 FR 10668 (February 14, 2013) (SR–CBOE–2012– and basis for, the proposed rule change provide a data feed to a data recipient. The
120). In 2013, the Commission approved the and discussed any comments it received Exchange considers each Vendor Account Number
addition of P.M.-settled mini-SPX index options to a location. For example, if a data recipient has five
the SPXPM Pilot and the pilot’s extension. See Vendor Account Numbers, representing five
27 17 CFR 200.30–3(a)(12).
Securities Exchange Act Release No. 70087 (July 31, locations, for the receipt of the NYSE MKT
1 15 U.S.C. 78s(b)(1).
2013), 78 FR 47809 (August 6, 2013) (SR–CBOE– OpenBook product, that data recipient will pay the
2013–055). 2 15 U.S.C. 78a.
Multiple Data Feed fee with respect to three of the
26 15 U.S.C. 78s(b)(2). 3 17 CFR 240.19b–4. five locations.
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Document Created: 2018-02-02 12:33:43
Document Modified: 2018-02-02 12:33:43
| 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 3512 |
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