Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Withdrawal of Proposed Rule Change Relating to Trade Nullification and Price Adjustment, 50724-50725 [2014-20082]
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50724
Federal Register / Vol. 79, No. 164 / Monday, August 25, 2014 / Notices
The Exchange represents that the
Shares will conform to the initial and
continued listing criteria under NYSE
Arca Equities Rule 8.600. Consistent
with NYSE Arca Equities Rule
8.600(d)(2)(B)(ii), the Fund’s Reporting
Authority will implement and maintain,
or be subject to, procedures designed to
prevent the use and dissemination of
material, non-public information
regarding the actual components of the
Fund’s portfolio. The Exchange
represents that, for initial and/or
continued listing, the Fund will be in
compliance with Rule 10A–3 under the
Act,28 as provided by NYSE Arca
Equities Rule 5.3. A minimum of
100,000 Shares will be outstanding at
the commencement of trading on the
Exchange. The Exchange will obtain a
representation from the issuer of the
Shares that the NAV per Share will be
calculated daily and that the NAV and
the Disclosed Portfolio (as defined in
NYSE Arca Equities Rule 8.600) will be
made available to all market
participants at the same time.
emcdonald on DSK67QTVN1PROD with NOTICES
II. Proceedings To Determine Whether
To Approve or Disapprove SR–
NYSEArca–2014–56 and Grounds for
Disapproval Under Consideration
The Commission is instituting
proceedings pursuant to Section
19(b)(2)(B) of the Act 29 to determine
whether the proposed rule change
should be approved or disapproved.
Institution of such proceedings is
appropriate at this time in view of the
legal and policy issues raised by the
proposed rule change. Institution of
proceedings does not indicate that the
Commission has reached any
conclusions with respect to any of the
issues involved. Rather, as described
below, the Commission seeks and
encourages interested persons to
provide comments on the proposed rule
change.
Pursuant to Section 19(b)(2)(B) of the
Act,30 the Commission is providing
notice of the grounds for disapproval
under consideration. The Commission is
instituting proceedings to allow for
additional analysis of the proposed rule
change’s consistency with Section
6(b)(5) of the Act, which requires,
among other things, that the rules of a
national securities exchange be
‘‘designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
following the Fund’s first full calendar year of
performance.
28 17 CFR 240.10A–3.
29 15 U.S.C. 78s(b)(2)(B).
30 Id.
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17:31 Aug 22, 2014
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trade,’’ and ‘‘to protect investors and the
public interest.’’ 31
III. Procedure: Request for Written
Comments
The Commission requests that
interested persons provide written
submissions of their views, data, and
arguments with respect to the
information described in the Notice,32
as summarized above, as well as any
other concerns they may have with the
proposal. In particular, the Commission
invites the written views of interested
persons concerning whether the
proposal is consistent with Section
6(b)(5) or any other provision of the Act,
or the rules and regulations thereunder.
Although there do not appear to be any
issues relevant to approval or
disapproval that would be facilitated by
an oral presentation of views, data, and
arguments, the Commission will
consider, pursuant to Rule 19b–4, any
request for an opportunity to make an
oral presentation.33
Interested persons are invited to
submit written data, views, and
arguments regarding whether the
proposal should be approved or
disapproved by September 15, 2014.
Any person who wishes to file a rebuttal
to any other person’s submission must
file that rebuttal by September 29, 2014.
Comments may be submitted by any
of the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEArca–2014–56 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Numbers SR–NYSEArca–2014–56. 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
31 15
U.S.C. 78f(b)(5).
supra note 3.
33 Section 19(b)(2) of the Act, as amended by the
Securities Act Amendments of 1975, Public Law
94–29 (June 4, 1975), grants the Commission
flexibility to determine what type of proceeding—
either oral or notice and opportunity for written
comments—is appropriate for consideration of a
particular proposal by a self-regulatory
organization. See Securities Act Amendments of
1975, Senate Comm. on Banking, Housing & Urban
Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30
(1975).
32 See
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post all comments on the Commission’s
Internet Web site (https://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 these
filings 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–
NYSEArca–2014–56 and should be
submitted on or before September 15,
2014. Rebuttal comments should be
submitted by September 29, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.34
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–20083 Filed 8–22–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72866; File No. SR–CBOE–
2014–050]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Withdrawal of
Proposed Rule Change Relating to
Trade Nullification and Price
Adjustment
August 19, 2014.
On June 3, 2014, Chicago Board
Options Exchange, Incorporated
(‘‘CBOE’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
a proposed rule change pursuant to
Section 19(b)(1) of the Securities
Exchange Act of 1934 1 and Rule 19b–
4 thereunder 2 to add new Rule 6.19,
‘‘Trade Nullification and Price
34 17
CFR 200.30–3(a)(57).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\25AUN1.SGM
25AUN1
Federal Register / Vol. 79, No. 164 / Monday, August 25, 2014 / Notices
Adjustment Procedure,’’ and to make
certain conforming administrative
changes to streamline the rules
governing trade nullification and
adjustments. The proposed rule change
was published for comment in the
Federal Register on June 19, 2014.3 The
Commission received no comments on
the proposal. On July 31, 2014, CBOE
extended the time period for
Commission action to August 18, 2014.
On August 15, 2014, CBOE withdrew
the proposed rule change (SR–CBOE–
2014–050).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.4
Kevin M. O’Neill,
Deputy Secretary.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72865; File No. SR–
NYSEMKT–2014–67]
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the NYSE
Amex Options Fee Schedule
August 19, 2014.
emcdonald on DSK67QTVN1PROD with NOTICES
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on August
8, 2014, NYSE MKT LLC (the
‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange proposes to proposes to
amend the NYSE Amex Options Fee
Schedule (‘‘Fee Schedule’’). The
proposed changes will be operative on
August 8, 2014. The text of the proposed
rule change is available on the
Exchange’s Web site at www.nyse.com,
at the principal office of the Exchange,
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17:31 Aug 22, 2014
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II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those 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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2014–20082 Filed 8–22–14; 8:45 am]
3 Securities Exchange Act Release No. 72390
(June 13, 2014), 79 FR 35198.
4 17 CFR 200.30–3(a)(12).
1 15 U.S.C.78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
and at the Commission’s Public
Reference Room.
1. Purpose
The Exchange proposes to amend the
Fee Schedule as described below. The
proposed changes will be operative on
August 8, 2014.
The Exchange proposes to add
language that excludes certain
Customer-to-Customer activity from
qualifying for any rebate under the
Customer Electronic Complex Order
ADV Tier rebate schedule. Presently, the
Exchange pays rebates to Order Flow
Providers (‘‘OFP’s’’) according to the
table shown below.
50725
Customer Electronic Complex Order ADV Tiers—excludes volume from customer
to customer electronic complex executions
Rebate per
contract for
[all] customer
electronic
complex orders excluding
customer to
customer electronic complex
executions
(retroactive to
the first contract traded
during the
month)
35,000 to 49,999 ..................
50,000 to 69,999 ..................
70,000 to 109,999 ................
110,000 and greater .............
$0.04
0.06
0.08
0.10
As this fee is being filed for
immediate effectiveness on August 8,
2014, for the month of August only, the
Exchange will exclude Customer to
Customer Electronic Complex
Executions from the calculation of the
proposed rebate only during the
remaining trading days of August (i.e.,
excluding August 1,4–7—the first five
trading days) and any such volume
executed prior to August 8, 2014 will
apply to a Customer’s potential rebate.5
By calculating the August 2014
proposed rebate in this fashion, the
Exchange believes that Customers
seeking to meet the volume metric
would have an opportunity to do so and
would not be disadvantaged if trading
volume prior to the effective date of this
rule change did not meet the volume
metric.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Customer Electronic Comthe provisions of Section 6(b) 6 of the
plex Order ADV Tiers
Act, in general, and Section 6(b)(4) and
(5) 7 of the Act, in particular, in that it
is designed to provide for the equitable
allocation of reasonable dues, fees, and
35,000 to 49,999 ..................
$0.04 other charges among its members and
50,000 to 69,999 ..................
0.06 other persons using its facilities and
70,000 to 109,999 ................
0.08 does not unfairly discriminate between
110,000 and greater .............
0.10 customers, issuers, brokers, or dealers.
The Exchange believes that the
The Exchange is proposing to add
proposal to exclude certain activity from
language that would exclude certain
counting towards or earning the rebate
types of activity from counting towards
paid under the existing Customer
any portion of the rebate, to include
Electronic Complex Order ADV Tiers is
both volume associated with the activity reasonable, equitable and not unfairly
and any per contract rebate associated
discriminatory for the following
with the activity. Specifically, the
Exchange proposes to exclude volume
5 For example, if a OFP on behalf of a Customer
from any Customer to Customer
achieved 50,000 contracts or greater volume of
Customer to Customer Electronic Complex
Electronic Complex executions.
Executions during the first five trading days in
Therefore, the Exchange proposes to
August 2014 only, that activity will apply to that
amend the fee schedule to read as
any potential rebate for August 2014. As proposed,
follows: 4
Customer to Customer Electronic Complex
Rebate per
contract for all
customer electronic Complex
orders (retroactive to the
first contract
traded during
the month)
4 Text
that the Exchange proposes to delete
appears in brackets; text that the Exchange proposes
to add appears underscored.
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Sfmt 4703
Executions from August 8, 2014 forward will not
apply to any potential rebate.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(4) and (5).
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]]>Agencies
[Federal Register Volume 79, Number 164 (Monday, August 25, 2014)]
[Notices]
[Pages 50724-50725]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-20082]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72866; File No. SR-CBOE-2014-050]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Withdrawal of Proposed Rule Change Relating to
Trade Nullification and Price Adjustment
August 19, 2014.
On June 3, 2014, Chicago Board Options Exchange, Incorporated
(``CBOE'') filed with the Securities and Exchange Commission
(``Commission'') a proposed rule change pursuant to Section 19(b)(1) of
the Securities Exchange Act of 1934 \1\ and Rule 19b-4 thereunder \2\
to add new Rule 6.19, ``Trade Nullification and Price
[[Page 50725]]
Adjustment Procedure,'' and to make certain conforming administrative
changes to streamline the rules governing trade nullification and
adjustments. The proposed rule change was published for comment in the
Federal Register on June 19, 2014.\3\ The Commission received no
comments on the proposal. On July 31, 2014, CBOE extended the time
period for Commission action to August 18, 2014.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 72390 (June 13, 2014),
79 FR 35198.
---------------------------------------------------------------------------
On August 15, 2014, CBOE withdrew the proposed rule change (SR-
CBOE-2014-050).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\4\
Kevin M. O'Neill,
Deputy Secretary.
---------------------------------------------------------------------------
\4\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
[FR Doc. 2014-20082 Filed 8-22-14; 8:45 am]
BILLING CODE 8011-01-P
