81_FR_83546 81 FR 83322 - Self-Regulatory Organizations; BOX Options Exchange LLC; Order Approving a Proposed Rule Change To Amend the Treatment of Quotes To Provide That All Quotes on BOX Are Liquidity Adding Only

81 FR 83322 - Self-Regulatory Organizations; BOX Options Exchange LLC; Order Approving a Proposed Rule Change To Amend the Treatment of Quotes To Provide That All Quotes on BOX Are Liquidity Adding Only

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 224 (November 21, 2016)

Page Range83322-83323
FR Document2016-27891

Federal Register, Volume 81 Issue 224 (Monday, November 21, 2016)
[Federal Register Volume 81, Number 224 (Monday, November 21, 2016)]
[Notices]
[Pages 83322-83323]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-27891]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79311; File No. SR-BOX-2016-45]


Self-Regulatory Organizations; BOX Options Exchange LLC; Order 
Approving a Proposed Rule Change To Amend the Treatment of Quotes To 
Provide That All Quotes on BOX Are Liquidity Adding Only

November 15, 2016.

I. Introduction

    On September 13, 2016, BOX Options Exchange LLC (``BOX'' 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 amend the treatment of quotes to provide that 
all quotes on BOX are liquidity adding only. The proposed rule change 
was published for comment in the Federal Register on October 3, 
2016.\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. 78946 (Septemeber 
27, 2016), 81 FR 68069 (October 3, 2016) (``Notice'').
---------------------------------------------------------------------------

II. Description of the Proposal

    The Exchange proposes to amend the treatment of incoming quotes to 
BOX so that they are only accepted if they are liquidity adding.\4\ 
Under the Exchange's proposed rule change, if an incoming quote or 
quote update is marketable because it would execute against a resting 
order or quote on the BOX Book,\5\ it will be rejected. The Exchange 
will not reject incoming quotes during the opening of the market.\6\ As 
is the case today, rejected quotes will not be considered when 
determining a Market Maker's quoting obligations.\7\
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    \4\ See Notice, supra note 3 (proposing a new IM-8050-3 to 
Exchange Rule 8050).
    \5\ The term ``Central Order Book'' or ``BOX Book'' means the 
electronic book of orders on each single option series maintained by 
the BOX Trading Host. See Exchange Rule 100(a)(10).
    \6\ Transactions occurring on the opening are deemed to neither 
add nor remove liquidity and therefore are exempt from the liquidity 
fees and credits on the Exchange. See Section II.C. of the BOX Fee 
Schedule.
    \7\ On a daily basis, a Market Maker must, during regular market 
hours, make markets and enter into any resulting transactions 
consistent with the applicable quoting requirements, such that on a 
daily basis a Market Maker must post valid quotes at least sixty 
percent (60%) of the time that the classes are open for trading. 
These obligations apply to all of the Market Maker's appointed 
classes collectively, rather than on a class-by-class basis. See 
Exchange Rule 8050(e); see also Exchange Rule 8040.
---------------------------------------------------------------------------

    The Exchange also proposes to amend the treatment of incoming 
quotes after they interact with the Price Improvement Period 
(``PIP'').\8\ Currently, when an incoming quote is on the same side as 
a PIP Order, it may cause the PIP auction to end early, if, at the time 
of submission, the price of the incoming quote would cause an execution 
to occur prior to the end of the PIP.\9\ Under the proposal, the 
incoming quote will continue to cause the PIP auction to end early if 
the conditions of Rule 7150(i) exist. However, after the PIP auction is 
concluded, if the incoming quote is executable against resting orders 
or quotes on the BOX Book, it will be rejected. Additionally, 
currently, when an incoming quote on the opposite side of the PIP Order 
is received such that it would cause an execution to occur prior to the 
end of the PIP auction, the incoming quote will be immediately

[[Page 83323]]

executed.\10\ Under the proposal, any remaining balance of the incoming 
quote that did not execute against the PIP Order, and that would 
execute against a resting order or quote on the BOX Book, will be 
rejected.
---------------------------------------------------------------------------

    \8\ Options Participants, both Order Flow Providers and Market 
Makers, executing agency orders may designate Market Orders and 
marketable limit Customer Orders for price improvement and 
submission to the PIP. Customer Orders designated for the PIP (``PIP 
Orders'') shall be submitted to BOX with a matching contra order 
equal to the full size of the PIP Order. See Exchange Rule 7150.
    \9\ Specifically, the submission to BOX of a Market Order on the 
same side as a PIP Order will prematurely terminate the PIP when, at 
the time of the submission of the Market Order, the best Improvement 
Order is equal to or better than the NBBO on the same side of the 
market as the best Improvement Order. The submission to BOX of an 
executable Limit Order or generation of an executable Legging Order 
on the same side as a PIP Order will prematurely terminate the PIP 
if at the time of submission: (1) The Buy (Sell) Limit Order or 
Legging Order price is equal to or higher (lower) than the National 
Best Offer (Bid) and either: (i) The BOX Best Offer (Bid) is equal 
to the National Best Offer (Bid); or (ii) the BOX Best Offer (Bid) 
is higher (lower) than the National Best Offer (Bid) and the price 
of the best Improvement Order is equal to or lower (higher) than the 
National Best Offer (Bid); or (2) the Buy (Sell) Limit Order or 
Legging Order price is lower (higher) than the National Best Offer 
(Bid) and its limit price equals or crosses the price of the best 
Improvement Order. See Exchange Rule 7150(i).
    \10\ Specifically, a Market Order on the opposite side of a PIP 
Order will immediately execute against the PIP Order when, at the 
time of the submission of the Market Order, the best Improvement 
Order does not cross the NBBO on the same side of the market as the 
PIP Order. The submission to BOX of an executable Limit Order or 
generation of an executable Legging Order on the opposite side of a 
PIP Order will immediately execute against a PIP Order when the Sell 
(Buy) Limit Order price is equal to or crosses the National Best Bid 
(Offer), and: (1) The BOX Best Bid (Offer) is equal to the National 
Best Bid (Offer); or (2) the BOX Best Bid (Offer) is lower (higher) 
than the National Best Bid (Offer) and neither the best Improvement 
Order nor BOX Best Offer (Bid) is equal to or crosses the National 
Best Bid (Offer). See Exchange Rule 7150(j).
---------------------------------------------------------------------------

    The Exchange represents that it will provide BOX Participants with 
notice, via Information Circular, about the implementation date of the 
proposed rule change.

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.\11\ Specifically, the 
Commission finds that the proposed rule change is consistent with 
Section 6(b)(5) of the Act,\12\ 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. The Commission believes that 
the proposed rule change is designed to help Market Makers more 
efficiently submit quotes to provide liquidity on BOX, which could 
benefit investors. The Commission notes that Market Makers still will 
be able to take liquidity on BOX by submitting orders in or out of 
their appointed classes.\13\ In addition, according to the Exchange, 
the proposed rule change will not alter a Market Maker's obligations 
pursuant BOX Rules 8040 and 8050, including the obligation to provide 
continuous two-sided quotes on a daily basis.\14\ Further, the 
Commission notes that other options exchanges offer liquidity adding 
only order types.\15\
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    \11\ 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).
    \12\ 15 U.S.C. 78f(b)(5).
    \13\ Id.
    \14\ Id. at 68070-71.
    \15\ See id. (citing International Securities Exchange, LLC 
(``ISE'') Rule 715(n) and NYSE Arca Options, Inc. (``NYSE Arca'') 
Rule 6.62(t)).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\16\ that the proposed rule change (SR-BOX-2016-45) be, and hereby 
is, approved.
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    \16\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
---------------------------------------------------------------------------

    \17\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-27891 Filed 11-18-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                    83322                      Federal Register / Vol. 81, No. 224 / Monday, November 21, 2016 / Notices

                                                       At any time within 60 days of the                    submissions. You should submit only                   the opening of the market.6 As is the
                                                    filing of the proposed rule change, the                 information that you wish to make                     case today, rejected quotes will not be
                                                    Commission summarily may                                available publicly. All submissions                   considered when determining a Market
                                                    temporarily suspend such rule change if                 should refer to File No. SR–BatsBZX–                  Maker’s quoting obligations.7
                                                    it appears to the Commission that such                  2016–75 and should be submitted on or                   The Exchange also proposes to amend
                                                    action is: (1) Necessary or appropriate in              before December 12, 2016.                             the treatment of incoming quotes after
                                                    the public interest; (2) for the protection               For the Commission, by the Division of              they interact with the Price
                                                    of investors; or (3) otherwise in                       Trading and Markets, pursuant to delegated            Improvement Period (‘‘PIP’’).8
                                                    furtherance of the purposes of the Act.                 authority.24
                                                                                                                                                                  Currently, when an incoming quote is
                                                    IV. Solicitation of Comments                            Brent J. Fields,                                      on the same side as a PIP Order, it may
                                                                                                            Secretary.                                            cause the PIP auction to end early, if, at
                                                      Interested persons are invited to
                                                                                                            [FR Doc. 2016–27892 Filed 11–18–16; 8:45 am]          the time of submission, the price of the
                                                    submit written data, views and
                                                    arguments concerning the foregoing,                     BILLING CODE 8011–01–P                                incoming quote would cause an
                                                    including whether the proposal is                                                                             execution to occur prior to the end of
                                                    consistent with the Act. Comments may                                                                         the PIP.9 Under the proposal, the
                                                                                                            SECURITIES AND EXCHANGE                               incoming quote will continue to cause
                                                    be submitted by any of the following
                                                                                                            COMMISSION                                            the PIP auction to end early if the
                                                    methods:
                                                                                                            [Release No. 34–79311; File No. SR–BOX–               conditions of Rule 7150(i) exist.
                                                    Electronic Comments
                                                                                                            2016–45]                                              However, after the PIP auction is
                                                      • Use the Commission’s Internet                                                                             concluded, if the incoming quote is
                                                    comment form (http://www.sec.gov/                       Self-Regulatory Organizations; BOX                    executable against resting orders or
                                                    rules/sro.shtml); or                                    Options Exchange LLC; Order                           quotes on the BOX Book, it will be
                                                      • Send an email to rule-                              Approving a Proposed Rule Change To                   rejected. Additionally, currently, when
                                                    comments@sec.gov. Please include File                   Amend the Treatment of Quotes To                      an incoming quote on the opposite side
                                                    No. SR–BatsBZX–2016–75 on the                           Provide That All Quotes on BOX Are                    of the PIP Order is received such that it
                                                    subject line.                                           Liquidity Adding Only                                 would cause an execution to occur prior
                                                    Paper Comments                                          November 15, 2016.                                    to the end of the PIP auction, the
                                                       • Send paper comments in triplicate                                                                        incoming quote will be immediately
                                                                                                            I. Introduction
                                                    to Secretary, Securities and Exchange
                                                    Commission, 100 F Street NE.,                              On September 13, 2016, BOX Options                    6 Transactions occurring on the opening are

                                                                                                            Exchange LLC (‘‘BOX’’ or ‘‘Exchange’’)                deemed to neither add nor remove liquidity and
                                                    Washington, DC 20549–1090.                                                                                    therefore are exempt from the liquidity fees and
                                                    All submissions should refer to File No.                filed with the Securities and Exchange                credits on the Exchange. See Section II.C. of the
                                                    SR–BatsBZX–2016–75. This file number                    Commission (‘‘Commission’’), pursuant                 BOX Fee Schedule.
                                                    should be included on the subject line                  to Section 19(b)(1) of the Securities                    7 On a daily basis, a Market Maker must, during


                                                    if email is used. To help the                           Exchange Act of 1934 (‘‘Act’’) 1 and Rule             regular market hours, make markets and enter into
                                                                                                            19b–4 thereunder,2 a proposed rule                    any resulting transactions consistent with the
                                                    Commission process and review your                                                                            applicable quoting requirements, such that on a
                                                    comments more efficiently, please use                   change to amend the treatment of quotes               daily basis a Market Maker must post valid quotes
                                                    only one method. The Commission will                    to provide that all quotes on BOX are                 at least sixty percent (60%) of the time that the
                                                    post all comments on the Commission’s                   liquidity adding only. The proposed                   classes are open for trading. These obligations apply
                                                                                                            rule change was published for comment                 to all of the Market Maker’s appointed classes
                                                    Internet Web site (http://www.sec.gov/                                                                        collectively, rather than on a class-by-class basis.
                                                    rules/sro.shtml). Copies of the                         in the Federal Register on October 3,                 See Exchange Rule 8050(e); see also Exchange Rule
                                                    submission, all subsequent                              2016.3 The Commission received no                     8040.
                                                    amendments, all written statements                      comments on the proposal. This order                     8 Options Participants, both Order Flow Providers

                                                                                                            approves the proposed rule change.                    and Market Makers, executing agency orders may
                                                    with respect to the proposed rule                                                                             designate Market Orders and marketable limit
                                                    change that are filed with the                          II. Description of the Proposal                       Customer Orders for price improvement and
                                                    Commission, and all written                                                                                   submission to the PIP. Customer Orders designated
                                                                                                               The Exchange proposes to amend the                 for the PIP (‘‘PIP Orders’’) shall be submitted to
                                                    communications relating to the
                                                                                                            treatment of incoming quotes to BOX so                BOX with a matching contra order equal to the full
                                                    proposed rule change between the                                                                              size of the PIP Order. See Exchange Rule 7150.
                                                                                                            that they are only accepted if they are
                                                    Commission and any person, other than                                                                            9 Specifically, the submission to BOX of a Market
                                                                                                            liquidity adding.4 Under the Exchange’s
                                                    those that may be withheld from the                                                                           Order on the same side as a PIP Order will
                                                                                                            proposed rule change, if an incoming                  prematurely terminate the PIP when, at the time of
                                                    public in accordance with the
                                                                                                            quote or quote update is marketable                   the submission of the Market Order, the best
                                                    provisions of 5 U.S.C. 552, will be                                                                           Improvement Order is equal to or better than the
                                                                                                            because it would execute against a
                                                    available for Web site viewing and                                                                            NBBO on the same side of the market as the best
                                                                                                            resting order or quote on the BOX
                                                    printing in the Commission’s Public                                                                           Improvement Order. The submission to BOX of an
                                                                                                            Book,5 it will be rejected. The Exchange              executable Limit Order or generation of an
                                                    Reference Room, 100 F Street NE.,
                                                                                                            will not reject incoming quotes during                executable Legging Order on the same side as a PIP
                                                    Washington, DC 20549, on official                                                                             Order will prematurely terminate the PIP if at the
                                                    business days between the hours of                        24 17 CFR 200.30–3(a)(12).                          time of submission: (1) The Buy (Sell) Limit Order
                                                    10:00 a.m. and 3:00 p.m. Copies of such                   1 15 U.S.C. 78s(b)(1).
                                                                                                                                                                  or Legging Order price is equal to or higher (lower)
asabaliauskas on DSK3SPTVN1PROD with NOTICES




                                                    filing will also be available for                         2 17 CFR 240.19b–4.
                                                                                                                                                                  than the National Best Offer (Bid) and either: (i) The
                                                                                                                                                                  BOX Best Offer (Bid) is equal to the National Best
                                                    inspection and copying at the principal                   3 See Securities Exchange Act Release No. 78946
                                                                                                                                                                  Offer (Bid); or (ii) the BOX Best Offer (Bid) is higher
                                                    office of the Exchange. All comments                    (Septemeber 27, 2016), 81 FR 68069 (October 3,        (lower) than the National Best Offer (Bid) and the
                                                    received will be posted without change;                 2016) (‘‘Notice’’).                                   price of the best Improvement Order is equal to or
                                                                                                              4 See Notice, supra note 3 (proposing a new IM–
                                                    the Commission does not edit personal                                                                         lower (higher) than the National Best Offer (Bid); or
                                                                                                            8050–3 to Exchange Rule 8050).                        (2) the Buy (Sell) Limit Order or Legging Order
                                                    identifying information from                              5 The term ‘‘Central Order Book’’ or ‘‘BOX Book’’   price is lower (higher) than the National Best Offer
                                                                                                            means the electronic book of orders on each single    (Bid) and its limit price equals or crosses the price
                                                    efficiency, competition, and capital formation. See     option series maintained by the BOX Trading Host.     of the best Improvement Order. See Exchange Rule
                                                    15 U.S.C. 78c(f).                                       See Exchange Rule 100(a)(10).                         7150(i).



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                                                                                Federal Register / Vol. 81, No. 224 / Monday, November 21, 2016 / Notices                                                83323

                                                    executed.10 Under the proposal, any                      proposed rule change will not alter a                publication of this notice to the
                                                    remaining balance of the incoming                        Market Maker’s obligations pursuant                  Selective Service System, Reports
                                                    quote that did not execute against the                   BOX Rules 8040 and 8050, including                   Clearance Officer, 1515 Wilson
                                                    PIP Order, and that would execute                        the obligation to provide continuous                 Boulevard, Arlington, Virginia 22209–
                                                    against a resting order or quote on the                  two-sided quotes on a daily basis.14                 2425.
                                                    BOX Book, will be rejected.                              Further, the Commission notes that                     A copy of the comments should be
                                                      The Exchange represents that it will                   other options exchanges offer liquidity              sent to the Office of Information and
                                                    provide BOX Participants with notice,                    adding only order types.15                           Regulatory Affairs, Attention: Desk
                                                    via Information Circular, about the                                                                           Officer, Selective Service System, Office
                                                    implementation date of the proposed                      IV. Conclusion
                                                                                                                                                                  of Management and Budget, New
                                                    rule change.                                               It is therefore ordered, pursuant to               Executive Office Building, Room 3235,
                                                                                                             Section 19(b)(2) of the Act,16 that the              Washington, DC 20503.
                                                    III. Discussion and Commission
                                                                                                             proposed rule change (SR–BOX–2016–
                                                    Findings                                                                                                        Dated: November 9, 2016.
                                                                                                             45) be, and hereby is, approved.
                                                       After careful review, the Commission                                                                       Lawrence Romo,
                                                                                                               For the Commission, by the Division of
                                                    finds that the proposed rule change is                   Trading and Markets, pursuant to delegated
                                                                                                                                                                  Director.
                                                    consistent with the requirements of the                  authority.17                                         [FR Doc. 2016–27921 Filed 11–18–16; 8:45 am]
                                                    Act and the rules and regulations                        Brent J. Fields,                                     BILLING CODE 8015–01–P
                                                    thereunder applicable to a national
                                                                                                             Secretary.
                                                    securities exchange and, in particular,
                                                    with Section 6(b) of the Act.11                          [FR Doc. 2016–27891 Filed 11–18–16; 8:45 am]         SELECTIVE SERVICE SYSTEM
                                                    Specifically, the Commission finds that                  BILLING CODE 8011–01–P

                                                    the proposed rule change is consistent                                                                        Forms Submitted to the Office of
                                                    with Section 6(b)(5) of the Act,12 which                                                                      Management and Budget for Extension
                                                    requires, among other things, that a                     SELECTIVE SERVICE SYSTEM                             of Clearance
                                                    national securities exchange have rules
                                                                                                             Forms Submitted to the Office of                     AGENCY:   Selective Service System.
                                                    designed to prevent fraudulent and
                                                    manipulative acts and practices, to                      Management and Budget for Extension                  ACTION:   Notice.
                                                    promote just and equitable principles of                 of Clearance
                                                                                                                                                                    The following forms have been
                                                    trade, to foster cooperation and                         AGENCY: Selective Service System.                    submitted to the Office of Management
                                                    coordination with persons engaged in                     ACTION: Notice.                                      and Budget (OMB) for extension of
                                                    regulating, clearing, settling, processing
                                                                                                                                                                  clearance in compliance with the
                                                    information with respect to, and                           The following forms have been
                                                                                                                                                                  Paperwork Reduction Act (44 U.S.C.
                                                    facilitating transactions in securities, to              submitted to the Office of Management
                                                                                                                                                                  Chapter 35):
                                                    remove impediments to and perfect the                    and Budget (OMB) for extension of
                                                    mechanism of a free and open market                      clearance in compliance with the                     SSS Form—404
                                                    and a national market system, and, in                    Paperwork Reduction Act (44 U.S.C.                     Title: Potential Board Member
                                                    general, to protect investors and the                    Chapter 35):                                         Information.
                                                    public interest. The Commission
                                                                                                             SSS Form—402                                           Purpose: Is used to identify
                                                    believes that the proposed rule change
                                                                                                               Title: Uncompensated Registrar                     individuals willing to serve as members
                                                    is designed to help Market Makers more
                                                                                                             Appointment Form.                                    of local, appeal or review boards in the
                                                    efficiently submit quotes to provide
                                                                                                               Purpose: Is used to verify the official            Selective Service System.
                                                    liquidity on BOX, which could benefit
                                                                                                             status of applicants for the position of               Respondents: Potential Board
                                                    investors. The Commission notes that
                                                                                                             Uncompensated Registrars and to                      Members.
                                                    Market Makers still will be able to take
                                                                                                             establish authority for those appointed                Burden: A burden of 15 minutes or
                                                    liquidity on BOX by submitting orders
                                                                                                             to perform as Selective Service System               less on the individual respondent.
                                                    in or out of their appointed classes.13 In
                                                    addition, according to the Exchange, the                 Registrars.                                            Copies of the above identified form
                                                                                                               Respondents: United States citizens                can be obtained upon written request to
                                                       10 Specifically, a Market Order on the opposite       over the age of 18.                                  the Selective Service System, Reports
                                                    side of a PIP Order will immediately execute               Frequency: One time.                               Clearance Officer, 1515 Wilson
                                                    against the PIP Order when, at the time of the             Burden: The reporting burden is three              Boulevard, Arlington, Virginia 22209–
                                                    submission of the Market Order, the best                 minutes or less per respondent.                      2425.
                                                    Improvement Order does not cross the NBBO on the           Copies of the above identified form
                                                    same side of the market as the PIP Order. The                                                                   Written comments and
                                                    submission to BOX of an executable Limit Order or        can be obtained upon written request to              recommendations for the proposed
                                                    generation of an executable Legging Order on the         the Selective Service System, Reports                extension of clearance of the form
                                                    opposite side of a PIP Order will immediately            Clearance Officer, 1515 Wilson                       should be sent within 60 days of the
                                                    execute against a PIP Order when the Sell (Buy)          Boulevard, Arlington, Virginia 22209–
                                                    Limit Order price is equal to or crosses the National                                                         publication of this notice to the
                                                    Best Bid (Offer), and: (1) The BOX Best Bid (Offer)      2425.                                                Selective Service System, Reports
                                                    is equal to the National Best Bid (Offer); or (2) the      Written comments and                               Clearance Officer, 1515 Wilson
                                                    BOX Best Bid (Offer) is lower (higher) than the          recommendations for the proposed                     Boulevard, Arlington, Virginia 22209–
asabaliauskas on DSK3SPTVN1PROD with NOTICES




                                                    National Best Bid (Offer) and neither the best           extension of clearance of the form
                                                    Improvement Order nor BOX Best Offer (Bid) is                                                                 2425.
                                                    equal to or crosses the National Best Bid (Offer). See   should be sent within 60 days of the                   A copy of the comments should be
                                                    Exchange Rule 7150(j).                                                                                        sent to the Office of Information and
                                                       11 15 U.S.C. 78f(b). In approving this proposed         14 Id.at 68070–71.                                 Regulatory Affairs, Attention: Desk
                                                    rule change, the Commission has considered the             15 See id. (citing International Securities
                                                    proposed rule’s impact on efficiency, competition,       Exchange, LLC (‘‘ISE’’) Rule 715(n) and NYSE Arca
                                                                                                                                                                  Officer, Selective Service System, Office
                                                    and capital formation. See 15 U.S.C. 78c(f).             Options, Inc. (‘‘NYSE Arca’’) Rule 6.62(t)).         of Management and Budget, New
                                                       12 15 U.S.C. 78f(b)(5).                                 16 15 U.S.C. 78s(b)(2).                            Executive Office Building, Room 3235,
                                                       13 Id.                                                  17 17 CFR 200.30–3(a)(12).                         Washington, DC 20503.


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Document Created: 2018-02-14 08:33:59
Document Modified: 2018-02-14 08:33:59
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 83322 

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