81 FR 46986 - Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to the Automated Improvement Mechanism

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 138 (July 19, 2016)

Page Range		46986-46987
FR Document		2016-16971
Federal Register, Volume 81 Issue 138 (Tuesday, July 19, 2016)
[Federal Register Volume 81, Number 138 (Tuesday, July 19, 2016)]
[Notices]
[Pages 46986-46987]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-16971]



[[Page 46986]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78315; File No. SR-C2-2016-012]


Self-Regulatory Organizations; C2 Options Exchange, Incorporated; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
Related to the Automated Improvement Mechanism

July 13, 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 July 13, 2016, C2 Options Exchange, Incorporated (the 
``Exchange'' or ``C2'') 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.
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    \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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange seeks to extend the pilot related to the Automated 
Improvement Mechanism. The text of the proposed rule change is provided 
below.

(additions are italicized; deletions are [bracketed])
* * * * *

C2 Options Exchange, Incorporated

Rules

* * * * *
    Rule 6.51. Automated Improvement Mechanism (``AIM'')
    Notwithstanding the provisions of Rule 6.50, a Participant that 
represents agency orders may electronically execute an order it 
represents as agent (``Agency Order'') against principal interest or 
against a solicited order provided it submits the Agency Order for 
execution into the AIM auction (``Auction'') pursuant to this Rule.
    (a)-(b) No change.
    . . . Interpretations and Policies:
    .01-.02 No change.
    .03 Initially, and for at least a Pilot Period expiring on [July 
18, 2016] January 18, 2017, there will be no minimum size requirement 
for orders to be eligible for the Auction. During this Pilot Period, 
the Exchange will submit certain data, periodically as required by the 
Commission, to provide supporting evidence that, among other things, 
there is meaningful competition for all size orders and that there is 
an active and liquid market functioning on the Exchange outside of the 
Auction mechanism. Any raw data which is submitted to the Commission 
will be provided on a confidential basis.
    .04-.09 No change.
* * * * *
    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
    In December 2009, the Securities and Exchange Commission (the 
``Commission'') approved adoption of C2's rules, including the AIM 
auction process.\5\ AIM exposes certain orders electronically to an 
auction process to provide these orders with the opportunity to receive 
an execution at an improved price. The AIM auction is available only 
for orders that a Trading Permit Holder represents as agent (``Agency 
Order'') and for which a second order of the same size as the Agency 
Order (and on the opposite side of the market) is also submitted 
(effectively stopping the Agency Order at a given price).\6\
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    \5\ See Securities Exchange Act Release No. 61152 (December 10, 
2009), 74 FR 66699 (December 16, 2009) (SR-C2-2011-015).
    \6\ The Exchange first activated AIM on October 17, 2011 for 
P.M.-settled options on the S&P 500 Index (SPXpm), which are no 
longer listed on the Exchange. Currently, AIM is not activated for 
any classes on C2.
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    The Commission approved on a pilot basis the component of AIM that 
there is no minimum size requirement for orders to be eligible for the 
auction. In connection with the pilot programs, the Exchange has 
submitted to the Commission reports providing AIM auction and order 
execution data. Five one-year extensions to the pilot program have 
previously become effective.\7\
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    \7\ See Securities Exchange Act Release Nos. 63238 (November 3, 
2010), 75 FR 68844 (November 9, 2010) (SR-C2-2010-008); 64929 (July 
20, 2011), 76 FR 44635 (July 26, 2011) (SR-C2-2011-015); 67303 (June 
28, 2012), 77 FR 39777 (July 5, 2012) (SR-C2-2012-021); 69868 (June 
27, 2013), 78 FR 40235 (July 3, 2013) (SR-C2-2013-023); 72569 (July 
9, 2014), 79 FR 41337 (July 15, 2014) (SR-C2-2014-014); and 75473 
(July 16, 2015), 80 FR 43503 (July 22, 2015) (SR-C2-2015-020).
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    The proposed rule change merely extends the duration of the pilot 
program until January 18, 2017. Extending the pilot for an additional 
six months will allow the Commission more time to consider the 
potential impact of the pilot program on AIM order executions.
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.\8\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \9\ 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) \10\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
    \10\ Id.
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    In particular, the proposed rule change protects investors and the 
public interest by allowing for an extension of the AIM pilot program, 
and thus allowing additional time for the

[[Page 46987]]

Commission to evaluate the AIM pilot program. The AIM pilot program 
will continue to allow smaller orders to receive the opportunity for 
price improvement pursuant to the AIM auction. Any additional data 
provided would help the Commission determine if there is evidence of 
meaningful competition for all size orders, significant price 
improvement for orders going through the AIM and an active and liquid 
market functioning on the Exchange outside of the AIM Auction.

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

    C2 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 proposed rule change imposes any burden on intramarket competition 
because it applies to all Trading Permit Holders. All Trading Permit 
Holders that submit orders into an AIM auction are still subject to the 
same requirements. In addition, the Exchange does not believe the 
proposed rule change will impose any burden on intermarket competition, 
as it merely extends the duration of an existing pilot program, which 
is available to all market participants through Trading Permit Holders. 
AIM will continue to function in the same manner as it currently 
functions for an extended period of time.

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 foregoing 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 \11\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\12\
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    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change along with a 
brief description and 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 satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally 
does not become operative for 30 days after the date of filing. 
However, pursuant to Rule 19b-4(f)(6)(iii),\14\ the Commission may 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange requested 
that the Commission waive the 30-day operative delay. The Exchange 
noted that waiver of the 30-day operative delay will allow the Exchange 
to extend the pilot program prior to its expiration on July 18, 2016. 
In addition, the Exchange believes that waiver of the operative delay 
is consistent with the protection of investors and the public interest 
because it will allow for the least amount of market disruption, as the 
pilot program will continue as it currently does maintaining the status 
quo.
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    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ 17 CFR 240.19b-4(f)(6)(iii).
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    The Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest, as 
it will allow the pilot program to continue uninterrupted, thereby 
avoiding any potential investor confusion that could result from a 
temporary interruption in the pilot program. Therefore, the Commission 
designates the proposed rule change to be operative on July 18, 
2016.\15\
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    \15\ For purposes only of waiving the operative delay, the 
Commission has 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 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-C2-2016-012 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-C2-2016-012. 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-C2-2016-012, and should be 
submitted on or before August 9, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2016-16971 Filed 7-18-16; 8:45 am]
 BILLING CODE 8011-01-P
46986 Federal Register / Vol. 81, No. 138 / Tuesday, July 19, 2016 / Notices

SECURITIES AND EXCHANGE January 18, 2017, there will be no The Commission approved on a pilot
COMMISSION minimum size requirement for orders to basis the component of AIM that there
be eligible for the Auction. During this is no minimum size requirement for
[Release No. 34–78315; File No. SR–C2–
2016–012]
Pilot Period, the Exchange will submit orders to be eligible for the auction. In
certain data, periodically as required by connection with the pilot programs, the
Self-Regulatory Organizations; C2 the Commission, to provide supporting Exchange has submitted to the
Options Exchange, Incorporated; evidence that, among other things, there Commission reports providing AIM
Notice of Filing and Immediate is meaningful competition for all size auction and order execution data. Five
Effectiveness of a Proposed Rule orders and that there is an active and one-year extensions to the pilot program
Change Related to the Automated liquid market functioning on the have previously become effective.7
Improvement Mechanism Exchange outside of the Auction The proposed rule change merely
mechanism. Any raw data which is extends the duration of the pilot
July 13, 2016. submitted to the Commission will be program until January 18, 2017.
Pursuant to Section 19(b)(1) of the provided on a confidential basis. Extending the pilot for an additional six
Securities Exchange Act of 1934 (the .04–.09 No change. months will allow the Commission
‘‘Act’’),1 and Rule 19b–4 thereunder,2 * * * * * more time to consider the potential
notice is hereby given that on July 13, The text of the proposed rule change impact of the pilot program on AIM
2016, C2 Options Exchange, is also available on the Exchange’s Web order executions.
Incorporated (the ‘‘Exchange’’ or ‘‘C2’’) site (http://www.cboe.com/AboutCBOE/
filed with the Securities and Exchange CBOELegalRegulatoryHome.aspx), at 2. Statutory Basis
Commission (the ‘‘Commission’’) the the Exchange’s Office of the Secretary, The Exchange believes the proposed
proposed rule change as described in and at the Commission’s Public rule change is consistent with the
Items I and II below, which Items have Reference Room. Securities Exchange Act of 1934 (the
been prepared by the Exchange. The ‘‘Act’’) and the rules and regulations
Exchange filed the proposal as a ‘‘non- II. Self-Regulatory Organization’s
thereunder applicable to the Exchange
controversial’’ proposed rule change Statement of the Purpose of, and
and, in particular, the requirements of
pursuant to Section 19(b)(3)(A)(iii) of Statutory Basis for, the Proposed Rule
Section 6(b) of the Act.8 Specifically,
the Act 3 and Rule 19b–4(f)(6) Change
the Exchange believes the proposed rule
thereunder.4 The Commission is In its filing with the Commission, the change is consistent with the Section
publishing this notice to solicit Exchange included statements 6(b)(5) 9 requirements that the rules of
comments on the proposed rule change concerning the purpose of and basis for an exchange be designed to prevent
from interested persons. the proposed rule change and discussed fraudulent and manipulative acts and
any comments it received on the practices, to promote just and equitable
I. Self-Regulatory Organization’s
proposed rule change. The text of these principles of trade, to foster cooperation
Statement of the Terms of Substance of
statements may be examined at the and coordination with persons engaged
the Proposed Rule Change
places specified in Item IV below. The in regulating, clearing, settling,
The Exchange seeks to extend the Exchange has prepared summaries, set processing information with respect to,
pilot related to the Automated forth in sections A, B, and C below, of and facilitating transactions in
Improvement Mechanism. The text of the most significant aspects of such securities, to remove impediments to
the proposed rule change is provided statements. and perfect the mechanism of a free and
below. open market and a national market
(additions are italicized; deletions are A. Self-Regulatory Organization’s
Statement of the Purpose of, and system, and, in general, to protect
[bracketed]) investors and the public interest.
Statutory Basis for, the Proposed Rule
* * * * * Change Additionally, the Exchange believes the
C2 Options Exchange, Incorporated proposed rule change is consistent with
1. Purpose the Section 6(b)(5) 10 requirement that
Rules In December 2009, the Securities and the rules of an exchange not be designed
* * * * * Exchange Commission (the to permit unfair discrimination between
Rule 6.51. Automated Improvement ‘‘Commission’’) approved adoption of customers, issuers, brokers, or dealers.
Mechanism (‘‘AIM’’) C2’s rules, including the AIM auction In particular, the proposed rule
Notwithstanding the provisions of process.5 AIM exposes certain orders change protects investors and the public
Rule 6.50, a Participant that represents electronically to an auction process to interest by allowing for an extension of
agency orders may electronically provide these orders with the the AIM pilot program, and thus
execute an order it represents as agent opportunity to receive an execution at allowing additional time for the
(‘‘Agency Order’’) against principal an improved price. The AIM auction is
interest or against a solicited order available only for orders that a Trading (SPXpm), which are no longer listed on the
provided it submits the Agency Order Exchange. Currently, AIM is not activated for any
Permit Holder represents as agent classes on C2.
for execution into the AIM auction (‘‘Agency Order’’) and for which a 7 See Securities Exchange Act Release Nos. 63238
(‘‘Auction’’) pursuant to this Rule. second order of the same size as the (November 3, 2010), 75 FR 68844 (November 9,
(a)–(b) No change. Agency Order (and on the opposite side 2010) (SR–C2–2010–008); 64929 (July 20, 2011), 76
. . . Interpretations and Policies: of the market) is also submitted FR 44635 (July 26, 2011) (SR–C2–2011–015); 67303
mstockstill on DSK3G9T082PROD with NOTICES

.01–.02 No change. (effectively stopping the Agency Order
(June 28, 2012), 77 FR 39777 (July 5, 2012) (SR–C2–
.03 Initially, and for at least a Pilot 2012–021); 69868 (June 27, 2013), 78 FR 40235 (July
at a given price).6 3, 2013) (SR–C2–2013–023); 72569 (July 9, 2014),
Period expiring on [July 18, 2016] 79 FR 41337 (July 15, 2014) (SR–C2–2014–014); and
5 See Securities Exchange Act Release No. 61152 75473 (July 16, 2015), 80 FR 43503 (July 22, 2015)
1 15 U.S.C. 78s(b)(1). (SR–C2–2015–020).
(December 10, 2009), 74 FR 66699 (December 16,
2 17 CFR 240.19b–4. 8 15 U.S.C. 78f(b).
2009) (SR–C2–2011–015).
3 15 U.S.C. 78s(b)(3)(A)(iii). 6 The Exchange first activated AIM on October 17, 9 15 U.S.C. 78f(b)(5).
4 17 CFR 240.19b–4(f)(6). 2011 for P.M.-settled options on the S&P 500 Index 10 Id.

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Federal Register / Vol. 81, No. 138 / Tuesday, July 19, 2016 / Notices 46987

Commission to evaluate the AIM pilot A proposed rule change filed under Electronic Comments
program. The AIM pilot program will Rule 19b–4(f)(6) 13 normally does not
continue to allow smaller orders to become operative for 30 days after the • Use the Commission’s Internet
receive the opportunity for price date of filing. However, pursuant to comment form (http://www.sec.gov/
improvement pursuant to the AIM Rule 19b–4(f)(6)(iii),14 the Commission rules/sro.shtml); or
auction. Any additional data provided may designate a shorter time if such • Send an email to rule-comments@
would help the Commission determine action is consistent with the protection sec.gov. Please include File Number SR–
if there is evidence of meaningful of investors and the public interest. The C2–2016–012 on the subject line.
competition for all size orders, Exchange requested that the
significant price improvement for orders Paper Comments
Commission waive the 30-day operative
going through the AIM and an active delay. The Exchange noted that waiver • Send paper comments in triplicate
and liquid market functioning on the of the 30-day operative delay will allow to Brent J. Fields, Secretary, Securities
Exchange outside of the AIM Auction. the Exchange to extend the pilot and Exchange Commission, 100 F Street
B. Self-Regulatory Organization’s program prior to its expiration on July NE., Washington, DC 20549–1090.
Statement on Burden on Competition 18, 2016. In addition, the Exchange
believes that waiver of the operative All submissions should refer to File
C2 does not believe that the proposed Number SR–C2–2016–012. This file
rule change will impose any burden on delay is consistent with the protection
of investors and the public interest number should be included on the
competition that is not necessary or
because it will allow for the least subject line if email is used. To help the
appropriate in furtherance of the
amount of market disruption, as the Commission process and review your
purposes of the Act. The Exchange does
pilot program will continue as it comments more efficiently, please use
not believe the proposed rule change
imposes any burden on intramarket currently does maintaining the status only one method. The Commission will
competition because it applies to all quo. post all comments on the Commission’s
Trading Permit Holders. All Trading Internet Web site (http://www.sec.gov/
The Commission believes that
Permit Holders that submit orders into rules/sro.shtml). Copies of the
waiving the 30-day operative delay is
an AIM auction are still subject to the submission, all subsequent
consistent with the protection of
same requirements. In addition, the amendments, all written statements
investors and the public interest, as it
Exchange does not believe the proposed with respect to the proposed rule
will allow the pilot program to continue
rule change will impose any burden on change that are filed with the
uninterrupted, thereby avoiding any
intermarket competition, as it merely potential investor confusion that could Commission, and all written
extends the duration of an existing pilot result from a temporary interruption in communications relating to the
program, which is available to all the pilot program. Therefore, the proposed rule change between the
market participants through Trading Commission designates the proposed Commission and any person, other than
Permit Holders. AIM will continue to those that may be withheld from the
rule change to be operative on July 18,
function in the same manner as it public in accordance with the
2016.15
currently functions for an extended provisions of 5 U.S.C. 552, will be
period of time. At any time within 60 days of the available for Web site viewing and
filing of the proposed rule change, the printing in the Commission’s Public
C. Self-Regulatory Organization’s Commission summarily may
Statement on Comments on the Reference Room, 100 F Street NE.,
temporarily suspend such rule change if Washington, DC 20549 on official
Proposed Rule Change Received From
it appears to the Commission that such business days between the hours of
Members, Participants, or Others
action is necessary or appropriate in the 10:00 a.m. and 3:00 p.m. Copies of such
The Exchange neither solicited nor public interest, for the protection of
received comments on the proposed filing also will be available for
investors, or otherwise in furtherance of inspection and copying at the principal
rule change. the purposes of the Act. If the office of the Exchange. All comments
III. Date of Effectiveness of the Commission takes such action, the
received will be posted without change;
Proposed Rule Change and Timing for Commission shall institute proceedings
the Commission does not edit personal
Commission Action to determine whether the proposed rule
identifying information from
Because the foregoing proposed rule should be approved or disapproved.
submissions. You should submit only
change does not: (i) Significantly affect IV. Solicitation of Comments information that you wish to make
the protection of investors or the public available publicly. All submissions
interest; (ii) impose any significant Interested persons are invited to should refer to File Number SR–C2–
burden on competition; and (iii) become submit written data, views, and 2016–012, and should be submitted on
operative for 30 days from the date on arguments concerning the foregoing, or before August 9, 2016.
which it was filed, or such shorter time including whether the proposed rule
as the Commission may designate, it has change is consistent with the Act. For the Commission, by the Division of
become effective pursuant to Section Comments may be submitted by any of Trading and Markets, pursuant to delegated
19(b)(3)(A) of the Act 11 and the following methods: authority.16
subparagraph (f)(6) of Rule 19b–4 Jill M. Peterson,
mstockstill on DSK3G9T082PROD with NOTICES

thereunder.12 of the proposed rule change, or such shorter time Assistant Secretary.
as designated by the Commission. The Exchange [FR Doc. 2016–16971 Filed 7–18–16; 8:45 am]
11 15 U.S.C. 78s(b)(3)(A). has satisfied this requirement.
13 17 CFR 240.19b–4(f)(6). BILLING CODE 8011–01–P
12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
14 17 CFR 240.19b–4(f)(6)(iii).
4(f)(6) requires the Exchange to give the
Commission written notice of the Exchange’s intent 15 For purposes only of waiving the operative

to file the proposed rule change along with a brief delay, the Commission has considered the proposed
description and text of the proposed rule change, rule’s impact on efficiency, competition, and capital
at least five business days prior to the date of filing formation. See 15 U.S.C. 78c(f). 16 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 19:39 Jul 18, 2016 Jkt 238001 PO 00000 Frm 00102 Fmt 4703 Sfmt 9990 E:\FR\FM\19JYN1.SGM 19JYN1
Document Created: 2016-07-19 01:11:07
Document Modified: 2016-07-19 01:11:07
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 46986