Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Minimum Trading Increments on the Boston Options Exchange Facility, 1101-1102 [2010-71]
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Federal Register / Vol. 75, No. 5 / Friday, January 8, 2010 / Notices
greater harmonization between NYSE
Amex Equities Rules and FINRA Rules
of similar purpose, resulting in less
burdensome and more efficient
regulatory compliance for joint members
and greater harmonization between
NYSE Amex Equities Rules and FINRA
Rules. Therefore, the Commission
designates the proposed rule change
effective and operative upon filing.17
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
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.
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:
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of the filing will also be available
for inspection and copying at the
NYSE’s principal office and on its
Internet Web site at https://
www.nyse.com. 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–
NYSEAmex–2009–99 and should be
submitted on or before January 29, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–79 Filed 1–7–10; 8:45 am]
BILLING CODE 8011–01–P
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSEAmex–2009–99 on
the subject line.
pwalker on DSK8KYBLC1PROD with NOTICES
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSEAmex–2009–99. This
file number should be included on the
subject line if e-mail 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 (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
17 For
purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
VerDate Nov<24>2008
16:14 Jan 07, 2010
Jkt 220001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61261; File No. SR–BX–
2009–086]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Relating to the
Minimum Trading Increments on the
Boston Options Exchange Facility
December 30, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
24, 2009, NASDAQ OMX BX, Inc. (the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the self-regulatory
organization. The Exchange filed the
proposed rule change pursuant to
Section 19(b)(3)(A) of the Act,3 and Rule
19b–4(f)(6) thereunder,4 which renders
the proposal effective upon filing with
the Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule from
interested persons.
18 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
1101
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Chapter V, Section 6 (Minimum Trading
Increments) of the Rules of the Boston
Options Exchange Group, LLC (‘‘BOX’’).
The text of the proposed rule change is
available from the principal office of the
Exchange, on the Exchange’s Internet
Web site at https://
nasdaqomxbx.cchwallstreet.com/
NASDAQOMXBX/Filings/, at the
Commission’s Public Reference Room,
and also on the Commission’s Web site
at https://www.sec.gov.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of these statements may be examined at
the places specified in Item IV below.
The self-regulatory organization has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On October 19, 2009 the Exchange
submitted a proposed rule change to
amend Chapter V, Section 33 (Penny
Pilot Program) of the BOX Rules to (i)
extend the Penny Pilot Program in
options classes (‘‘Penny Pilot Program’’
or ‘‘Pilot’’) previously approved by the
Securities and Exchange Commission
(‘‘Commission’’) through December 31,
2010; (ii) expand the number of classes
included in the Pilot; and (iii) replace
on a semi-annual basis any Pilot
Program classes that have been
delisted.5
The Exchange now proposes to
designate two Penny Pilot Program
classes as eligible to quote and trade all
options contracts in one cent
increments, regardless of premium
value. Specifically, the Exchange
proposes to so designate SPY (SPDR
S&P 500 ETF) and IWM (iShares Russell
2000 Index Fund). In selecting these
classes the Exchange considered, among
other things, that these symbols are (a)
1 15
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
5 See Securities Exchange Act Release No. 60886
(October 27, 2009), 74 FR 56897 (November 3, 2009)
(SR–BX–2009–067).
E:\FR\FM\08JAN1.SGM
08JAN1
1102
Federal Register / Vol. 75, No. 5 / Friday, January 8, 2010 / Notices
among the most actively traded classes
nationally, with a wide array of investor
interest, (b) have more series trading at
a premium between $3 and $10, and (c)
are trading at prices that are neither
extremely low nor high, but are
generally trading between $15–$50. The
Exchange believes that classes that meet
these criteria benefit the most from the
ability to quote and trade all options
series in penny increments.
This proposal is based on a recent
Commission-approved proposal of the
NYSEArca exchange.6 The Exchange
proposes to designate SPY and IWM as
eligible to quote and trade all options
contracts in one cent increments as of
February 1, 2010. This date corresponds
with the second phase-in date for
additional classes in the Penny Pilot
Program.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of Section 6(b) of the Act,7
in general, and Section 6(b)(5) of the
Act,8 in particular, in that it is designed
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 for a free and open market
and a national market system and, in
general, to protect investors and the
public interest. In particular, the
Exchange believes that allowing market
participants to quote in smaller
increments reduces spreads, thereby
lowering costs to investors.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
pwalker on DSK8KYBLC1PROD with NOTICES
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has neither solicited
nor received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
This proposed rule change is filed
pursuant to paragraph (A) of section
6 See Securities Exchange Act Release No. 61061
(November 24, 2009), 74 FR 62857 (December 1,
2009) (SR–NYSEArca–2009–44).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
VerDate Nov<24>2008
16:14 Jan 07, 2010
Jkt 220001
19(b)(3) of the Exchange Act 9 and Rule
19b–4(f)(6) thereunder 10 and 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 if consistent
with the protection of investors and the
public interest.
The Commission recently granted
approval for a similar filing proposed by
the NYSEArca.11 The Exchange believes
that this proposed rule change, which is
essential for competitive purposes and
to promote a free and open market for
the benefit of investors, does not raise
any new, unique or substantive issues
from those raised in the approved
NYSEArca proposal.
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
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.
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:
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 (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 inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 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 No.
SR–BX–2009–086 and should be
submitted on or before January 29, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
Electronic Comments
[FR Doc. 2010–71 Filed 1–7–10; 8:45 am]
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–BX–2009–086 on the
subject line.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Extending the
Pilot Period To Receive Inbound
Routes of Orders From Nasdaq
Execution Services
[Release No. 34–61271; File No. SR–BX–
2009–085]
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington DC
20549–1090.
All submissions should refer to File
December 31, 2009.
Number SR–BX–2009–086. This file
Pursuant to Section 19(b)(1) 1 of the
number should be included on the
Securities Exchange Act of 1934 (the
subject line if e-mail is used. To help the
‘‘Act’’) and Rule 19b–4 thereunder,2
notice is hereby given that, on December
9 15 U.S.C. 78s(b)(3)(A).
23, 2009, NASDAQ OMX BX, Inc. (the
10 17 CFR 240.19b–4(f)(6). In addition, as required
by Rule 19b–4(f)(6)(iii), the Exchange has submitted ‘‘Exchange’’ or ‘‘BX’’) filed with the
to the Commission written notice of its intent to file Securities and Exchange Commission
the proposed rule change, along with a brief
(the ‘‘Commission’’) the proposed rule
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.
11 See supra note 6.
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\08JAN1.SGM
08JAN1
]]>Agencies
[Federal Register Volume 75, Number 5 (Friday, January 8, 2010)]
[Notices]
[Pages 1101-1102]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-71]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61261; File No. SR-BX-2009-086]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
the Minimum Trading Increments on the Boston Options Exchange Facility
December 30, 2009.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on December 24, 2009, NASDAQ OMX BX, Inc. (the ``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I, II, and III below, which Items
have been prepared by the self-regulatory organization. The Exchange
filed the proposed rule change pursuant to Section 19(b)(3)(A) of the
Act,\3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposal
effective upon filing with the Commission. The Commission is publishing
this notice to solicit comments on the proposed rule from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Chapter V, Section 6 (Minimum
Trading Increments) of the Rules of the Boston Options Exchange Group,
LLC (``BOX''). The text of the proposed rule change is available from
the principal office of the Exchange, on the Exchange's Internet Web
site at https://nasdaqomxbx.cchwallstreet.com/NASDAQOMXBX/Filings/, at
the Commission's Public Reference Room, and also on the Commission's
Web site at https://www.sec.gov.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in Sections A, B, and C below, of the
most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
On October 19, 2009 the Exchange submitted a proposed rule change
to amend Chapter V, Section 33 (Penny Pilot Program) of the BOX Rules
to (i) extend the Penny Pilot Program in options classes (``Penny Pilot
Program'' or ``Pilot'') previously approved by the Securities and
Exchange Commission (``Commission'') through December 31, 2010; (ii)
expand the number of classes included in the Pilot; and (iii) replace
on a semi-annual basis any Pilot Program classes that have been
delisted.\5\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 60886 (October 27,
2009), 74 FR 56897 (November 3, 2009) (SR-BX-2009-067).
---------------------------------------------------------------------------
The Exchange now proposes to designate two Penny Pilot Program
classes as eligible to quote and trade all options contracts in one
cent increments, regardless of premium value. Specifically, the
Exchange proposes to so designate SPY (SPDR S&P 500 ETF) and IWM
(iShares Russell 2000 Index Fund). In selecting these classes the
Exchange considered, among other things, that these symbols are (a)
[[Page 1102]]
among the most actively traded classes nationally, with a wide array of
investor interest, (b) have more series trading at a premium between $3
and $10, and (c) are trading at prices that are neither extremely low
nor high, but are generally trading between $15-$50. The Exchange
believes that classes that meet these criteria benefit the most from
the ability to quote and trade all options series in penny increments.
This proposal is based on a recent Commission-approved proposal of
the NYSEArca exchange.\6\ The Exchange proposes to designate SPY and
IWM as eligible to quote and trade all options contracts in one cent
increments as of February 1, 2010. This date corresponds with the
second phase-in date for additional classes in the Penny Pilot Program.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 61061 (November 24,
2009), 74 FR 62857 (December 1, 2009) (SR-NYSEArca-2009-44).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\7\ in general, and Section
6(b)(5) of the Act,\8\ in particular, in that it is designed 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 for a free and open market and a national market
system and, in general, to protect investors and the public interest.
In particular, the Exchange believes that allowing market participants
to quote in smaller increments reduces spreads, thereby lowering costs
to investors.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange has neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
This proposed rule change is filed pursuant to paragraph (A) of
section 19(b)(3) of the Exchange Act \9\ and Rule 19b-4(f)(6)
thereunder \10\ and 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 if consistent with the protection of investors and the public
interest.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6). In addition, as required by Rule
19b-4(f)(6)(iii), the Exchange has submitted to the Commission
written notice of its 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 Commission recently granted approval for a similar filing
proposed by the NYSEArca.\11\ The Exchange believes that this proposed
rule change, which is essential for competitive purposes and to promote
a free and open market for the benefit of investors, does not raise any
new, unique or substantive issues from those raised in the approved
NYSEArca proposal.
---------------------------------------------------------------------------
\11\ See supra note 6.
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate 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.
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 (https://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-BX-2009-086 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington DC 20549-1090.
All submissions should refer to File Number SR-BX-2009-086. This file
number should be included on the subject line if e-mail 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 (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 inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 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 No. SR-BX-2009-086 and should be
submitted on or before January 29, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-71 Filed 1-7-10; 8:45 am]
BILLING CODE 8011-01-P
