Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Codify Certain Provisions of the Options Listing Procedures Plan Into the Rules of the Boston Options Exchange Facility, 9466-9468 [2010-4234]
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9466
Federal Register / Vol. 75, No. 40 / Tuesday, March 2, 2010 / Notices
Commission may designate if consistent
with the protection of investors and the
public interest, the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) 19 of the Act and
Rule 19b–4(f)(6) thereunder.20
A proposed rule change filed under
Rule 19b–4(f)(6) 21 normally may not
become operative prior to 30 days after
the date of filing. However, Rule 19b–
4(f)(6)(iii) 22 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange requests that the Commission
waive the 30-day operative delay, as
specified in Rule 19b–4(f)(6)(iii),23
which would make the rule change
effective and operative upon filing. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest because such waiver
would continue to conform the BOX
rules to BOX’s current practice without
interruption and clarify that Directed
Orders on BOX are not anonymous.24
Accordingly, the Commission
designates the proposed rule change
operative upon filing with the
Commission.
At any time within 60 days of the
filing of such 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:
19 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
provide the Commission with 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 deems this requirement to have been
met.
21 17 CFR 240.19b–4(f)(6).
22 17 CFR 240.19b–4(f)(6)(iii).
23 Id.
24 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
20 17
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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–BX–2010–017 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.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61579: File No. SR–BX–
2010–015]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Codify
Certain Provisions of the Options
Listing Procedures Plan Into the Rules
of the Boston Options Exchange
Facility
February 24, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
All submissions should refer to File
notice is hereby given that on February
Number SR–BX–2010–017. This file
10, 2010, NASDAQ OMX BX, Inc. (the
number should be included on the
‘‘Exchange’’) filed with the Securities
subject line if e-mail is used. To help the
and Exchange Commission
Commission process and review your
(‘‘Commission’’) the proposed rule
comments more efficiently, please use
change as described in Items I, II, and
only one method. The Commission will III below, which Items have been
post all comments on the Commission’s prepared by the self-regulatory
Internet Web site (https://www.sec.gov/
organization. The Exchange filed the
rules/sro.shtml). Copies of the
proposed rule change pursuant to
submission, all subsequent
Section 19(b)(3)(A)(iii) of the Act 3 and
amendments, all written statements
Rule 19b–4(f)(6) thereunder,4 which
with respect to the proposed rule
renders the proposal effective upon
change that are filed with the
filing with the Commission. The
Commission, and all written
Commission is publishing this notice to
communications relating to the
solicit comments on the proposed rule
proposed rule change between the
change from interested persons.
Commission and any person, other than
I. Self-Regulatory Organization’s
those that may be withheld from the
Statement of the Terms of Substance of
public in accordance with the
the Proposed Rule Change
provisions of 5 U.S.C. 552, will be
The Exchange proposes to amend the
available for Web site viewing and
Rules of the Boston Options Exchange
printing in the Commission’s Public
Group, LLC (‘‘BOX’’) to codify certain
Reference Room on official business
provisions of the Options Listing
days between the hours of 10 a.m. and
Procedures Plan (‘‘OLPP’’) into the BOX
3 p.m., located at 100 F Street, NE.,
Rules. The text of the proposed rule
Washington, DC 20549. Copies of such
change is available from the principal
filing also will be available for
office of the Exchange, at the
inspection and copying at the principal
Commission’s Public Reference Room,
office of the Exchange. All comments
on the Exchange’s Internet Web site at
received will be posted without change; https://nasdaqomxbx.cchwallstreet.com/
the Commission does not edit personal
NASDAQOMXBX/Filings/, and on the
identifying information from
Commission’s Web site at https://
submissions. You should submit only
www.sec.gov.
information that you wish to make
II. Self-Regulatory Organization’s
available publicly. All submissions
Statement of the Purpose of, and
should refer to File Number SR–BX–
Statutory Basis for, the Proposed Rule
2010–017 and should be submitted on
Change
or before March 23, 2010.
In its filing with the Commission, the
For the Commission, by the Division of
self-regulatory organization included
Trading and Markets, pursuant to delegated
statements concerning the purpose of,
authority.25
and basis for, the proposed rule change
Florence E. Harmon,
and discussed any comments it received
Deputy Secretary.
on the proposed rule change. The text
[FR Doc. 2010–4236 Filed 3–1–10; 8:45 am]
1 15
BILLING CODE 8011–01–P
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
25 17
PO 00000
CFR 200.30–3(a)(12).
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Federal Register / Vol. 75, No. 40 / Tuesday, March 2, 2010 / Notices
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
The OLPP was approved by the
Securities and Exchange Commission
(the ‘‘Commission’’) on July 6, 2001 and
has been amended several times.5 The
OLPP provides procedures for: (i)
Listing and trading new option classes;
(ii) selecting new options series; (iii)
petitioning The Options Clearing
Corporation (‘‘OCC’’) to review the
eligibility, pursuant to the exchanges’
listing standards, of a selected option
class without delaying the trading of
that option class; (iv) determining
operational details for option contracts
adjusted pursuant to OCC By-Laws; (v)
admitting new sponsors; and (vi) losing
eligibility to participate in the OLPP.
This current filing is primarily
concerned with codifying certain
provisions of the OLPP pertaining to
selecting new option series and certain
strike setting parameters that have been
adopted under the OLPP. The Exchange
believes that it is helpful to codify select
provisions into the BOX Rules so that
all applicable rules governing series
selection and applicable strike setting
parameters are located in a single place.
In addition, the Exchange understands
that other Sponsor Exchanges to the
OLPP have submitted, or will be
submitting, similar filings to codify
portions of the OLPP in their respective
rulebooks. Below the Exchange briefly
describes the provisions of the OLPP
that the Exchange is proposing to codify
into the BOX Rules.
5 See e.g., Securities Exchange Act Release Nos.
44521 (July 6, 2001), 66 FR 36809 (July 13, 2001)
(Order Approving a Proposed Options Listing
Procedures Plan); 58205 (July 22, 2008), 73 FR
43798 (July 28, 2008) (Order Granting Permanent
Approval to Amendment No. 1 to the Plan for the
Purpose of Developing and Implementing
Procedures Designed To Facilitate the Listing and
Trading of Standardized Options); 58630
(September 24, 2008), 73 FR 57166 (October 1,
2008) (Order Granting Permanent Approval to
Amendment No. 2 to the Plan for the Purpose of
Developing and Implementing Procedures Designed
To Facilitate the Listing and Trading of
Standardized Options); and 60531 (August 19,
2009), 74 FR 43173 (August 26, 2009) (Order
Approving Amendment No. 3 to the Plan for the
Purpose of Developing and Implementing
Procedures Designed To Facilitate the Listing and
Trading of Standardized Options).
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15:07 Mar 01, 2010
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OLPP Amendments Pertaining to
LEAPS
Amendments 1 and 2 to the OLPP
adopted provisions governing the listing
of Long-Term Equity Options Series
(‘‘LEAPS’’). Amendment 1 provided for
a uniform time frame for the
introduction of new LEAPS on equity
option classes, options on Exchange
Traded Fund Shares (‘‘ETFs’’), or options
on Trust Issued Receipts (‘‘TIRs’’). The
Exchange is proposing to codify the
changes made to the OLPP by
Amendment 1 as new subparagraph (c)
to Chapter IV, Section 8 (Long-Term
Options Contracts) of the BOX Rules.
Amendment 2 provided for a uniform
minimum volume threshold per
underlying class to qualify for the
introduction of a new expiration year of
LEAPs on equity, ETF and TIR classes.
The Exchange is proposing to codify the
changes made to the OLPP by
Amendment 2 as new subparagraph (d)
to Chapter IV, Section 8 of the BOX
Rules.
Strike Setting Parameters
Amendment 3 to the OLPP adopted
uniform objective standards to the range
of options series exercise (or strike)
prices available for trading on the
OLPP’s Sponsor Exchanges as a quote
mitigation strategy. The Exchange is
proposing to codify the changes made to
the OLPP by Amendment 3 by adding
certain new rule text to Chapter IV,
Section 6(b) of the BOX Rules.
9467
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 codifies
certain provisions of the OLPP that were
previously approved by the
Commission 8 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 Exchange requests
that the Commission waive the 30-day
operative delay period for ‘‘noncontroversial’’ proposals and make the
proposed rule change effective and
operative upon filing.9
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.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of Section 6(b) of the Act,6
in general, and Section 6(b)(5) of the
Act,7 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 codifying certain
provisions of the OLPP, as amended,
serves to foster investor protection.
IV. Solicitation of Comments
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 not
necessary or appropriate in furtherance
of the purposes of the Act.
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
6 15
7 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00088
Fmt 4703
Sfmt 4703
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 rulecomments@sec.gov. Please include File
Number SR–BX–2010–015 on the
subject line.
Paper Comments
8 See
supra note 5.
CFR 240.19b–4(f)(6). In addition, as required
under 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 the 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.
9 17
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9468
Federal Register / Vol. 75, No. 40 / Tuesday, March 2, 2010 / Notices
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–BX–2010–015. 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 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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
self-regulatory organization. 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–BX–2010–015 and should
be submitted on or before March 23,
2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–4234 Filed 3–1–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61556; File No. SR–
NYSEAmex–2010–13]
Self-Regulatory Organizations; Notice
of Filing and Order Granting
Accelerated Approval of Proposed
Rule Change by NYSE Amex LLC
Changing Certain NYSE Amex Equities
Rules To Correspond With Rule
Changes Filed by the Financial
Industry Regulatory Authority, Inc.
February 22, 2010.
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 February
16, 2010, NYSE Amex LLC (the
‘‘Exchange’’ or ‘‘NYSE Amex’’) 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 and to
approve the proposal on an accelerated
basis.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes changes to
certain NYSE Amex Equities Rules to
correspond with rule changes filed by
the Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) and approved
by the Commission.4 The Exchange
proposes to apply these changes
retroactively to February 8, 2010. The
text of the proposed rule change is
available at the Exchange, the
Commission’s Public Reference Room,
and https://www.nyse.com.
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
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
4 See Securities Exchange Act Release No. 60933
(November 4, 2009), 74 FR 58334 (November 12,
2009) (order approving SR–FINRA–2008–067).
FINRA also recently filed for immediate
effectiveness to (i) adopt non-substantive technical
changes to consolidated FINRA Rule 4521(d), and
(ii) amend FINRA Incorporated NYSE Rule 312(g).
See Securities Exchange Act Release No. 61408
(January 22, 2010), 75 FR 4596 (January 28, 2010)
(SR–FINRA–2010–004). See also SR–FINRA–2010–
008, filed on February 4, 2010. These changes are
incorporated in this rule filing.
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
2 15
10 17
CFR 200.30–3(a)(12).
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15:07 Mar 01, 2010
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Frm 00089
Fmt 4703
Sfmt 4703
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
changes is to adopt changes to certain
NYSE Amex Equities Rules to
correspond with rule changes filed by
FINRA and approved by the
Commission. The Exchange proposes to
apply these changes retroactively to
February 8, 2010, the same effective
date for FINRA’s rule changes.5 The
Exchange states that making the
proposed rule change retroactive to
February 8, 2010 would ensure that the
proposed rule changes are operative and
effective at the same time as FINRA’s
rule changes, that there are no
regulatory gaps between the FINRA and
Exchange Rules and that, as applicable,
Exchange Rules maintain their status as
Common Rules under the 17d–2
Agreement.6
Background
On July 30, 2007, FINRA’s
predecessor, the National Association of
Securities Dealers, Inc. (‘‘NASD’’), and
NYSE Regulation, Inc. (‘‘NYSER’’)
consolidated their member firm
regulation operations into a combined
organization, FINRA. Pursuant to Rule
17d–2 under the Act,7 the New York
Stock Exchange LLC (‘‘NYSE’’), NYSER
and FINRA entered into an agreement
(the ‘‘17d–2 Agreement’’) to reduce
regulatory duplication for their
members by allocating to FINRA certain
regulatory responsibilities for certain
NYSE rules and rule interpretations
(‘‘FINRA Incorporated NYSE Rules’’).
The Exchange became a party to the
17d–2 Agreement effective December
15, 2008.8
5 See FINRA Regulatory Notice 09–71 (December
7, 2009).
6 As provided in paragraph 2(b) of the 17d–2
Agreement, FINRA and NYSE will amend the list
of Common Rules to conform to the rule changes
proposed herein.
7 15 U.S.C. 78a, et seq.
8 See Securities Exchange Act Release Nos. 56148
(July 26, 2007), 72 FR 42146 (August 1, 2007) (order
approving the 17d–2 Agreement); 56147 (July 26,
2007), 72 FR 42166 (August 1, 2007) (SR–NASD–
2007–054) (order approving the incorporation of
E:\FR\FM\02MRN1.SGM
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]]>Agencies
[Federal Register Volume 75, Number 40 (Tuesday, March 2, 2010)]
[Notices]
[Pages 9466-9468]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-4234]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61579: File No. SR-BX-2010-015]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Codify
Certain Provisions of the Options Listing Procedures Plan Into the
Rules of the Boston Options Exchange Facility
February 24, 2010.
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 February 10, 2010, 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)(iii) 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 change
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)(iii).
\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 the Rules of the Boston Options
Exchange Group, LLC (``BOX'') to codify certain provisions of the
Options Listing Procedures Plan (``OLPP'') into the BOX Rules. The text
of the proposed rule change is available from the principal office of
the Exchange, at the Commission's Public Reference Room, on the
Exchange's Internet Web site at https://nasdaqomxbx.cchwallstreet.com/NASDAQOMXBX/Filings/, and 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
[[Page 9467]]
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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The OLPP was approved by the Securities and Exchange Commission
(the ``Commission'') on July 6, 2001 and has been amended several
times.\5\ The OLPP provides procedures for: (i) Listing and trading new
option classes; (ii) selecting new options series; (iii) petitioning
The Options Clearing Corporation (``OCC'') to review the eligibility,
pursuant to the exchanges' listing standards, of a selected option
class without delaying the trading of that option class; (iv)
determining operational details for option contracts adjusted pursuant
to OCC By-Laws; (v) admitting new sponsors; and (vi) losing eligibility
to participate in the OLPP.
---------------------------------------------------------------------------
\5\ See e.g., Securities Exchange Act Release Nos. 44521 (July
6, 2001), 66 FR 36809 (July 13, 2001) (Order Approving a Proposed
Options Listing Procedures Plan); 58205 (July 22, 2008), 73 FR 43798
(July 28, 2008) (Order Granting Permanent Approval to Amendment No.
1 to the Plan for the Purpose of Developing and Implementing
Procedures Designed To Facilitate the Listing and Trading of
Standardized Options); 58630 (September 24, 2008), 73 FR 57166
(October 1, 2008) (Order Granting Permanent Approval to Amendment
No. 2 to the Plan for the Purpose of Developing and Implementing
Procedures Designed To Facilitate the Listing and Trading of
Standardized Options); and 60531 (August 19, 2009), 74 FR 43173
(August 26, 2009) (Order Approving Amendment No. 3 to the Plan for
the Purpose of Developing and Implementing Procedures Designed To
Facilitate the Listing and Trading of Standardized Options).
---------------------------------------------------------------------------
This current filing is primarily concerned with codifying certain
provisions of the OLPP pertaining to selecting new option series and
certain strike setting parameters that have been adopted under the
OLPP. The Exchange believes that it is helpful to codify select
provisions into the BOX Rules so that all applicable rules governing
series selection and applicable strike setting parameters are located
in a single place. In addition, the Exchange understands that other
Sponsor Exchanges to the OLPP have submitted, or will be submitting,
similar filings to codify portions of the OLPP in their respective
rulebooks. Below the Exchange briefly describes the provisions of the
OLPP that the Exchange is proposing to codify into the BOX Rules.
OLPP Amendments Pertaining to LEAPS
Amendments 1 and 2 to the OLPP adopted provisions governing the
listing of Long-Term Equity Options Series (``LEAPS''). Amendment 1
provided for a uniform time frame for the introduction of new LEAPS on
equity option classes, options on Exchange Traded Fund Shares
(``ETFs''), or options on Trust Issued Receipts (``TIRs''). The
Exchange is proposing to codify the changes made to the OLPP by
Amendment 1 as new subparagraph (c) to Chapter IV, Section 8 (Long-Term
Options Contracts) of the BOX Rules. Amendment 2 provided for a uniform
minimum volume threshold per underlying class to qualify for the
introduction of a new expiration year of LEAPs on equity, ETF and TIR
classes. The Exchange is proposing to codify the changes made to the
OLPP by Amendment 2 as new subparagraph (d) to Chapter IV, Section 8 of
the BOX Rules.
Strike Setting Parameters
Amendment 3 to the OLPP adopted uniform objective standards to the
range of options series exercise (or strike) prices available for
trading on the OLPP's Sponsor Exchanges as a quote mitigation strategy.
The Exchange is proposing to codify the changes made to the OLPP by
Amendment 3 by adding certain new rule text to Chapter IV, Section 6(b)
of the BOX Rules.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\6\ in general, and Section
6(b)(5) of the Act,\7\ 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 codifying certain provisions
of the OLPP, as amended, serves to foster investor protection.
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\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
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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 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 codifies certain provisions of the OLPP
that were previously approved by the Commission \8\ 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 Exchange
requests that the Commission waive the 30-day operative delay period
for ``non-controversial'' proposals and make the proposed rule change
effective and operative upon filing.\9\
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\8\ See supra note 5.
\9\ 17 CFR 240.19b-4(f)(6). In addition, as required under 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 the 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.
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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-2010-015 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary,
[[Page 9468]]
Securities and Exchange Commission, 100 F Street, NE., Washington, DC
20549-1090.
All submissions should refer to File Number SR-BX-2010-015. 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 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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the self-regulatory
organization. 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-BX-
2010-015 and should be submitted on or before March 23, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-4234 Filed 3-1-10; 8:45 am]
BILLING CODE 8011-01-P
