Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Eliminate Certain Rule Text Which Has Been Made Unnecessary Due to the Decommissioning of the OCC Hub, 38572-38574 [2010-16124]
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Federal Register / Vol. 75, No. 127 / Friday, July 2, 2010 / Notices
to provide cabinet space and
middleware for those customers’ thirdparty vendors to connect into the
datacenter and, ultimately, to the
trading system. Finally, for non colocated customers the Exchange charges
an optional installation fee of $925 if the
customer chooses to use an on-site
router.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
2. Statutory Basis
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve such proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
BX believes that the proposed rule
change is consistent with the provisions
of Section 6 of the Act,4 in general, and
with Sections 6(b)(5) of the Act,5 in
particular, in that the proposal is
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. In particular, the
proposal will provide greater
transparency into the connectivity
options available to market participants.
The Exchange also believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,6
in general, and with Section 6(b)(4) of
the Act,7 in particular, in that it
provides for the equitable allocation of
reasonable dues, fees and other charges
among members and issuers and other
persons using any facility or system
which the Exchange operates or
controls. The filing codifies and makes
transparent the fees imposed for direct
connections to non co-located
customers. These fees are uniform for all
such customers and are either
comparable to fees charged to co-located
customers or vary due to different costs
associated with providing service to the
two customer types.
emcdonald on DSK2BSOYB1PROD with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
BX does not believe that the proposed
rule change will result in any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act, as amended.
4 15
U.S.C. 78f.
U.S.C. 78f(b)(5).
6 15 U.S.C. 78f.
7 15 U.S.C. 78f(b)(4).
5 15
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Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
IV. Solicitation of Comments
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 such filing
also will be available for inspection and
copying at the principal office of the
Exchange. All comments received will
be posted without change; the
Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–BX–
2010–043 and should be submitted on
or before July 23, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–16143 Filed 7–1–10; 8:45 am]
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change, as amended, 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–2010–043 on the
subject line.
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62373; File No. SR–BX–
2010–038]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Eliminate
Certain Rule Text Which Has Been
Made Unnecessary Due to the
Decommissioning of the OCC Hub
June 24, 2010.
Paper Comments
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
• Send paper comments in triplicate
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
to Elizabeth M. Murphy, Secretary,
notice is hereby given that, on June 21,
Securities and Exchange Commission,
2010, NASDAQ OMX BX, Inc. (‘‘BX’’ or
100 F Street, NE., Washington, DC
the ‘‘Exchange’’) filed with the Securities
20549–1090.
and Exchange Commission (the
All submissions should refer to File
‘‘Commission’’) the proposed rule
Number SR–BX–2010–043. This file
change as described in Items I and II
number should be included on the
below, which Items have been prepared
subject line if e-mail is used. To help the by the Exchange. The Commission is
Commission process and review your
publishing this notice to solicit
comments more efficiently, please use
comments on the proposed rule change
only one method. The Commission will from interested persons.
post all comments on the Commission’s
I. Self-Regulatory Organization’s
Internet Web site (https://www.sec.gov/
Statement of the Terms of Substance of
rules/sro.shtml). Copies of the
the Proposed Rule Change
submission, all subsequent
amendments, all written statements
NASDAQ OMX BX, Inc. (the
with respect to the proposed rule
‘‘Exchange’’) proposes to amend the
change that are filed with the
Rules of the Boston Options Exchange
Commission, and all written
communications relating to the
8 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
proposed rule change between the
2 17 CFR 240.19b–4.
Commission and any person, other than
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Federal Register / Vol. 75, No. 127 / Friday, July 2, 2010 / Notices
Group, LLC (‘‘BOX’’) to eliminate certain
rule text which has been made
unnecessary due to the
decommissioning of the Options
Clearing Corporation (‘‘OCC’’) Hub. The
text of the proposed rule change is
available on BX’s Web site, on the
Commission’s Web site, at BX, and at
the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
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
1. Purpose
The Exchange was previously a party
to the Plan for the Purpose of Creating
and Operating an InterMarket Option
Linkage (‘‘Linkage Plan’’).3 One of the
essential aspects of the Linkage Plan
was the central data and
communications network (‘‘Hub’’),
operated and maintained by the OCC
that electronically linked the several
options exchanges. The Linkage Plan
was recently replaced by the Options
Order Protection and Locked/Crossed
Market Plan (‘‘Decentralized Plan’’).4
Unlike the Linkage Plan, which
exclusively required use of the OCC
Hub, the Decentralized Plan enables the
Plan Participants thereto to act jointly in
emcdonald on DSK2BSOYB1PROD with NOTICES
3 See
Securities Exchange Act Release No. 43086
(July 28, 2000), 65 FR 48023 (August 4, 2000) (File
No. 4–429) (Order approving the Linkage Plan and
the original parties thereto). The Exchange became
a party to the Linkage Plan on January 14, 2004 by
executing a copy of said Linkage Plan with the
Commission as well as completing the other steps
required. Terms not otherwise defined herein shall
have the meaning assigned to them in the BOX
Rules, the Decentralized Plan, or the Linkage Plan,
respectively.
4 See Securities Exchange Act Release No. 60405
(July 30, 2009), 74 FR 39362 (August 6, 2009) (File
No. 4–546) (Order Approving the National Market
System Plan Relating to Options Order Protection
and Locked/Crossed Market Plan). The Exchange
amended the BOX Rules to reflect the Exchange’s
filing to become a participant in the Decentralized
Plan. See Securities Exchange Act Release No.
60530 (August 18, 2009), 74 FR 43200 (August 26,
2009) (SR–BX–2009–028).
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18:27 Jul 01, 2010
Jkt 220001
establishing a framework for a nonexclusive method of providing and
achieving order protection and
addressing Locked and Crossed Markets
in Eligible Options Classes. Upon the
migration from the Linkage Plan to the
Decentralized Plan, and for a short
period thereafter, BOX and BOX
Options Participants continued to
utilize the sending of P and P/A Orders
via the OCC Hub to fulfill their
obligations to seek the best price
available for their customers and to
prevent Trade-Throughs. Thus the
Exchange maintained and enforced
certain rule text regarding the sending
and receipt of P and P/A Orders and use
of the OCC Hub.
BOX has not utilized the sending of
P and P/A Orders or the OCC Hub since
it began using non-affiliated third party
routing (‘‘TPR’’) broker/dealers (‘‘Routing
Broker(s)’’) to route options Eligible
Orders to one or more Away
Exchange(s) when such Away
Exchange(s) display the Best Bid or Best
Offer in accordance with the
Decentralized Plan.5 The recent
decommissioning of the OCC Hub has
rendered the legacy rule text pertaining
to the Linkage Plan obsolete, including
rule text regarding P and P/A Orders
and the OCC Hub. This proposal seeks
to remove such rule text, and make such
other changes to the BOX Rules, as
necessary, so as to render the BOX Rules
consistent with current Exchange
practices.
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
5 See Securities Exchange Act Release No. 60832
(October 16, 2009), 74 FR 54607 (October 22, 2009)
(SR–BX–2009–066) (Notice of Filings and Order
Granting Accelerated Approval of Proposed Rule
Change Relating to Chapter XII of the BOX Rules).
See also Securities Exchange Act Release No. 61399
(January 22, 2010), 75 FR 54607 (January 28, 2010)
(SR–BX–2010–007) (Notice of Filing and Immediate
Effectiveness of Proposed Rule Change Relating to
the Order Routing Pilot on the Boston Options
Exchange Facility). See also Securities Exchange
Act Release No. 61536 (February 18, 2010), 75 FR
8763 (February 25, 2010) (SR–BX–2010–014)
(Notice of Filing and Immediate Effectiveness of
Proposed Rule Change Relating to Order Routing on
the Boston Options Exchange Facility). Chapter XII,
Section 5, describes Eligible Orders, as ‘‘orders that
are specifically designated by Options Participants
as eligible for routing will be routed to an Away
Exchange.’’
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
PO 00000
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38573
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
proposed changes will render the BOX
Rules consistent with current Exchange
practices and provide great clarity to
BOX Options Participants.
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
Because the foregoing proposed rule
change: (i) Does not significantly affect
the protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) by its terms, does not 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, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 8 and Rule 19b–
4(f)(6) thereunder.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.
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.
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the self-regulatory organization
to submit 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
Exchange has satisfied this requirement.
9 17
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38574
Federal Register / Vol. 75, No. 127 / Friday, July 2, 2010 / Notices
Comments may be submitted by any of
the following methods:
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
[Release No. 34–62376; File No. SR–
NYSEAmex–2010–58]
• 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–2010–038 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.
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NYSE
Amex LLC To Amend the Bylaws of
NYSE Euronext To Adopt a Majority
Voting Standard in Uncontested
Elections of Directors
June 25, 2010.
emcdonald on DSK2BSOYB1PROD 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 June 14,
2010, NYSE Amex LLC (‘‘NYSE Amex’’
or the ‘‘Exchange’’) filed with the
All submissions should refer to File
Securities and Exchange Commission
Number SR–BX–2010–038. This file
(the ‘‘Commission’’) the proposed rule
number should be included on the
change as described in Items I and II
subject line if e-mail is used. To help the
below, which Items have been prepared
Commission process and review your
by the self-regulatory organization. The
comments more efficiently, please use
Commission is publishing this notice to
only one method. The Commission will
solicit comments on the proposed rule
post all comments on the Commission’s
change from interested persons.
Internet Web site (https://www.sec.gov/
I. Self-Regulatory Organization’s
rules/sro.shtml). Copies of the
Statement of the Terms of Substance of
submission, all subsequent
the Proposed Rule Change
amendments, all written statements
with respect to the proposed rule
The Exchange is submitting this rule
change that are filed with the
filing in connection with the proposal of
Commission, and all written
its ultimate parent, NYSE Euronext (the
communications relating to the
‘‘Corporation’’),4 to amend its bylaws
proposed rule change between the
(‘‘Bylaws’’) to replace the plurality vote
Commission and any person, other than standard for election of directors in
those that may be withheld from the
uncontested elections that is currently
public in accordance with the
in the Bylaws with a majority vote
provisions of 5 U.S.C. 552, will be
standard for such elections. The existing
available for Web site viewing and
plurality vote standard will be retained
printing in the Commission’s Public
in connection with contested elections
Reference Room, 100 F Street, NE.,
for directors. The proposed rule change
Washington, DC 20549, on official
is identical to a rule change filed by the
business days between the hours of 10
New York Stock Exchange LLC
a.m. and 3 p.m. Copies of such filing
(‘‘NYSE’’) that was recently approved by
also will be available for inspection and the Commission.5 The text of the
copying at the principal office of the
proposed rule change is available at the
Exchange. All comments received will
Exchange, the Commission’s Web site at
be posted without change; the
https://www.sec.gov, the Commission’s
Commission does not edit personal
Public Reference Room, and https://
identifying information from
www.nyse.com.
submissions. You should submit only
II. Self-Regulatory Organization’s
information that you wish to make
Statement of the Purpose of, and
available publicly. All submissions
Statutory Basis for, the Proposed Rule
should refer to File Number SR–BX–
Change
2010–038 and should be submitted on
or before July 23, 2010.
In its filing with the Commission, the
self-regulatory organization included
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–16124 Filed 7–1–10; 8:45 am]
BILLING CODE 8010–01–P
10 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
18:27 Jul 01, 2010
Jkt 220001
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
4 NYSE Amex, a Delaware limited liability
company, is an indirect wholly-owned subsidiary of
NYSE Euronext.
5 Securities Exchange Act Release No. 61947
(April 20, 2010), 75 FR 22169 (April 27, 2010) (SR–
NYSE–2010–18).
PO 00000
1 15
2 15
Frm 00119
Fmt 4703
Sfmt 4703
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange is submitting this rule
filing in connection with the
Corporation’s proposal to amend its
Bylaws to replace the plurality vote
standard for election of directors in
uncontested elections that is currently
in the Bylaws with a majority vote
standard for such elections. Specifically,
the Bylaws currently provide that
‘‘directors shall be elected by a plurality
of the votes of the shares present in
person or represented by proxy at the
meeting and entitled to vote on the
election of directors.’’ Under the
Corporation’s corporate governance
guidelines previously adopted by the
Board of Directors of the Corporation
(‘‘Board’’), however, any director
nominee in an uncontested election
(being an election in which the number
of nominees equals the number of
directors to be elected) who receives a
greater number of ‘‘withheld’’ votes than
‘‘for’’ votes (including any ‘‘against’’
votes if that option were to be made
available on the proxy card) must
immediately tender his or her
resignation from the Board. The Board
will then decide, through a process
managed by the Nominating and
Governance Committee and excluding
the nominee in question, whether to
accept the resignation. In a contested
election (being an election in which the
number of nominees exceeds the
number of directors to be elected), the
unqualified plurality vote standard
controls.
Uncontested Election
The Corporation is proposing to add
an explicit majority voting provision for
uncontested director elections to the
Bylaws, thereby replacing the plurality
vote standard for election of directors in
such elections that is currently in the
Bylaws. The existing plurality vote
standard will be retained in connection
with contested elections for directors.
Under the proposed amendment to the
Bylaws, the proxy card would change
for an uncontested election, and the
E:\FR\FM\02JYN1.SGM
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]]>Agencies
[Federal Register Volume 75, Number 127 (Friday, July 2, 2010)]
[Notices]
[Pages 38572-38574]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-16124]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62373; File No. SR-BX-2010-038]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Eliminate
Certain Rule Text Which Has Been Made Unnecessary Due to the
Decommissioning of the OCC Hub
June 24, 2010.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on June 21, 2010, NASDAQ OMX BX, Inc. (``BX'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
NASDAQ OMX BX, Inc. (the ``Exchange'') proposes to amend the Rules
of the Boston Options Exchange
[[Page 38573]]
Group, LLC (``BOX'') to eliminate certain rule text which has been made
unnecessary due to the decommissioning of the Options Clearing
Corporation (``OCC'') Hub. The text of the proposed rule change is
available on BX's Web site, on the Commission's Web site, at BX, and at
the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the 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
1. Purpose
The Exchange was previously a party to the Plan for the Purpose of
Creating and Operating an InterMarket Option Linkage (``Linkage
Plan'').\3\ One of the essential aspects of the Linkage Plan was the
central data and communications network (``Hub''), operated and
maintained by the OCC that electronically linked the several options
exchanges. The Linkage Plan was recently replaced by the Options Order
Protection and Locked/Crossed Market Plan (``Decentralized Plan'').\4\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 43086 (July 28,
2000), 65 FR 48023 (August 4, 2000) (File No. 4-429) (Order
approving the Linkage Plan and the original parties thereto). The
Exchange became a party to the Linkage Plan on January 14, 2004 by
executing a copy of said Linkage Plan with the Commission as well as
completing the other steps required. Terms not otherwise defined
herein shall have the meaning assigned to them in the BOX Rules, the
Decentralized Plan, or the Linkage Plan, respectively.
\4\ See Securities Exchange Act Release No. 60405 (July 30,
2009), 74 FR 39362 (August 6, 2009) (File No. 4-546) (Order
Approving the National Market System Plan Relating to Options Order
Protection and Locked/Crossed Market Plan). The Exchange amended the
BOX Rules to reflect the Exchange's filing to become a participant
in the Decentralized Plan. See Securities Exchange Act Release No.
60530 (August 18, 2009), 74 FR 43200 (August 26, 2009) (SR-BX-2009-
028).
---------------------------------------------------------------------------
Unlike the Linkage Plan, which exclusively required use of the OCC
Hub, the Decentralized Plan enables the Plan Participants thereto to
act jointly in establishing a framework for a non-exclusive method of
providing and achieving order protection and addressing Locked and
Crossed Markets in Eligible Options Classes. Upon the migration from
the Linkage Plan to the Decentralized Plan, and for a short period
thereafter, BOX and BOX Options Participants continued to utilize the
sending of P and P/A Orders via the OCC Hub to fulfill their
obligations to seek the best price available for their customers and to
prevent Trade-Throughs. Thus the Exchange maintained and enforced
certain rule text regarding the sending and receipt of P and P/A Orders
and use of the OCC Hub.
BOX has not utilized the sending of P and P/A Orders or the OCC Hub
since it began using non-affiliated third party routing (``TPR'')
broker/dealers (``Routing Broker(s)'') to route options Eligible Orders
to one or more Away Exchange(s) when such Away Exchange(s) display the
Best Bid or Best Offer in accordance with the Decentralized Plan.\5\
The recent decommissioning of the OCC Hub has rendered the legacy rule
text pertaining to the Linkage Plan obsolete, including rule text
regarding P and P/A Orders and the OCC Hub. This proposal seeks to
remove such rule text, and make such other changes to the BOX Rules, as
necessary, so as to render the BOX Rules consistent with current
Exchange practices.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 60832 (October 16,
2009), 74 FR 54607 (October 22, 2009) (SR-BX-2009-066) (Notice of
Filings and Order Granting Accelerated Approval of Proposed Rule
Change Relating to Chapter XII of the BOX Rules). See also
Securities Exchange Act Release No. 61399 (January 22, 2010), 75 FR
54607 (January 28, 2010) (SR-BX-2010-007) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Relating to the
Order Routing Pilot on the Boston Options Exchange Facility). See
also Securities Exchange Act Release No. 61536 (February 18, 2010),
75 FR 8763 (February 25, 2010) (SR-BX-2010-014) (Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Relating to
Order Routing on the Boston Options Exchange Facility). Chapter XII,
Section 5, describes Eligible Orders, as ``orders that are
specifically designated by Options Participants as eligible for
routing will be routed to an Away Exchange.''
---------------------------------------------------------------------------
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 proposed changes will render the BOX Rules
consistent with current Exchange practices and provide great clarity to
BOX Options Participants.
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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
Because the foregoing proposed rule change: (i) Does not
significantly affect the protection of investors or the public
interest; (ii) does not impose any significant burden on competition;
and (iii) by its terms, does not 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, it has become effective pursuant to Section
19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the self-regulatory organization to submit 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 Exchange has satisfied this requirement.
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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.
[[Page 38574]]
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-2010-038 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-2010-038. 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 such filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-BX-2010-038 and should be
submitted on or before July 23, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
Florence E. Harmon,
Deputy Secretary.
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\10\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2010-16124 Filed 7-1-10; 8:45 am]
BILLING CODE 8010-01-P
