Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Permit Concurrent Listing of $2.50 and $1 Strikes on MNX Options, 54933-54935 [2010-22449]

Download as PDF Federal Register / Vol. 75, No. 174 / Thursday, September 9, 2010 / Notices trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in municipal securities, to remove impediments to and perfect the mechanism of a free and open market in municipal securities, and, in general, to protect investors and the public interest. The MSRB believes that the proposed rule change is consistent with the Act because it will help to inhibit practices constituting real and perceived attempts to influence the awarding of municipal securities business through contributions made by or through dealer-affiliated PACs. The MSRB also believes that the proposed rule change will facilitate dealer compliance with Rule G–37 and Rule G–27, on supervision. B. Self-Regulatory Organization’s Statement on Burden on Competition The MSRB does not believe that the proposed rule change would impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act since it would apply equally to all brokers, dealers and municipal securities dealers. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. mstockstill on DSKH9S0YB1PROD with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate 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 or disapprove such proposed rule change, or B. institute proceedings to determine whether the proposed rule change should be disapproved. The MSRB has requested an effective date for the proposed rule change of sixty (60) days after Commission approval of the proposed rule change. 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. VerDate Mar<15>2010 17:24 Sep 08, 2010 Jkt 220001 54933 Comments may be submitted by any of the following methods: SECURITIES AND EXCHANGE COMMISSION Electronic Comment • 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–MSRB–2010–07 on the subject line. [Release No. 34–62829; File No. SR–BX– 2010–061] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Permit Concurrent Listing of $2.50 and $1 Strikes on MNX Options September 2, 2010. Paper Comments 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 August 30, 2010, NASDAQ OMX BX, Inc. (the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or All submissions should refer to File ‘‘Commission’’) the proposed rule Number SR–MSRB–2010–07. 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 The Exchange proposes to amend with respect to the proposed rule Chapter XIV, Section 10 (Terms of Index change that are filed with the Options Contracts) of the Rules of the Commission, and all written Boston Options Exchange Group, LLC communications relating to the (‘‘BOX’’) to allow the Exchange to proposed rule change between the concurrently list $2.50 and $1 strikes on Commission and any person, other than Mini- Nasdaq-100 Index (‘‘MNX’’) those that may be withheld from the options, and that certain listing public in accordance with the parameters only apply to $1 strikes on provisions of 5 U.S.C. 552, will be MNX options. The text of the proposed available for Web site viewing and rule change is available from the printing in the Commission’s Public principal office of the Exchange, on the Reference Room, 100 F Street, NE., Commission’s Web site at https:// Washington, DC 20549, on official www.sec.gov, at the Commission’s business days between the hours of 10 Public Reference Room and also on the a.m. and 3 p.m. Copies of such filing Exchange’s Internet Web site at https:// also will be available for inspection and nasdaqomxbx.cchwallstreet.com/ copying at the principal office of the NASDAQOMXBX/Filings/. MSRB. All comments received will be posted without change; the Commission II. Self-Regulatory Organization’s Statement of the Purpose of, and does not edit personal identifying Statutory Basis for, the Proposed Rule information from submissions. You Change should submit only information that In its filing with the Commission, the you wish to make available publicly. All self-regulatory organization included submissions should refer to File Number SR–MSRB–2010–07 and should statements concerning the purpose of, be submitted on or before September 30, and basis for, the proposed rule change and discussed any comments it received 2010. on the proposed rule change. The text For the Commission, by the Division of of these statements may be examined at Trading and Markets, pursuant to delegated the places specified in Item IV below. authority.19 The self-regulatory organization has Florence E. Harmon, prepared summaries, set forth in Deputy Secretary. Sections A, B, and C below, of the most [FR Doc. 2010–22450 Filed 9–8–10; 8:45 am] significant aspects of such statements. • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. BILLING CODE 8010–01–P 1 15 19 17 PO 00000 CFR 200.30–3(a)(12). Frm 00088 Fmt 4703 Sfmt 4703 2 17 E:\FR\FM\09SEN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 09SEN1 54934 Federal Register / Vol. 75, No. 174 / Thursday, September 9, 2010 / Notices A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change mstockstill on DSKH9S0YB1PROD with NOTICES 1. Purpose The purpose of the proposed rule change is to allow BOX to concurrently list $2.50 and $1 strikes on MNX options, and that certain listing parameters only apply to $1 strikes on MNX options. BOX believes that the availability of $2.50 and $1 strike price intervals in MNX option series will provide investors with greater flexibility by allowing them to establish positions that are better tailored to meet their investment objectives. Since December 2008, BOX has had the ability to list $1 strikes on MNX options.3 In connection with the proposal to permit $1 strikes for MNX options, BOX established parameters subject to which $1 strikes may be added and delisted. For example, the number of initial series that BOX may add is limited to 11 series.4 Also, the total number of additional series that may be added for $1 strikes is sixty (60) per expiration month for each series in MNX options.5 Similar parameters do not exist with regard to the listing of $2.50 strikes, and BOX now seeks to clarify that the parameters adopted with the proposal to permit $1 strikes for MNX options do not apply to the listing of $2.50 strikes for MNX options.6 In addition, BOX is proposing to codify a bracketing provision that prohibits the Exchange from listing strike prices with $1 intervals within $0.50 of an existing strike price in the same series. This bracketing provision is identical to an existing provision in effect for the $1 Strike Program, which permits the concurrent listing of $2.50 and $1 strikes.7 Finally, the Exchange proposes to change Section 10(c)(5)(iii) providing that BOX shall not list LEAPS on MiniNDX options at intervals less than $5.00 to provide that BOX shall not list LEAPS on Mini-NDX options at intervals less than $2.50. BOX has analyzed its capacity and represents that it believes the Exchange and the Options Price Reporting 3 See Securities Exchange Act Release No. 59129 (Dec. 22, 2008), 73 FR 79945 (Dec. 30, 2008) (SR– BSE–2008–57) (rule change permitting $1 strikes for MNX options). 4 See Chapter XIV, Section 10(c)(5)(i) of the BOX Rules. 5 See Chapter XIV, Section 10(c)(5)(ii) of the BOX Rules. 6 See Chapter XIV, Section 10(c)(1) of the BOX Rules. 7 See Supplementary Material .02(c) to Chapter IV, Section 6 of the BOX Rules. VerDate Mar<15>2010 17:24 Sep 08, 2010 Jkt 220001 Authority have the necessary systems capacity to handle the additional traffic associated with the concurrent listing and trading of $1 and $2.50 strikes for MNX options. 2. Statutory Basis The Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Act,8 in general, and Section 6(b)(5) of the Act,9 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 the concurrent listing and trading of $1 and $2.50 strikes for MNX options will result in a continuing benefit to investors by giving them more flexibility to closely tailor their investment decisions in a greater number of securities. 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 does not significantly affect the protection of investors or the public interest, does not impose any significant burden on competition, and, 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act 10 and Rule 19b– 4(f)(6) thereunder.11 8 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). 10 15 U.S.C. 78s(b)(3)(A). 11 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 9 15 PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 The Exchange has requested that the Commission waive the 30-day operative delay. The Commission believes that waiver of the operative delay is consistent with the protection of investors and the public interest because the proposal is substantially similar to a rule of another exchange.12 Therefore, the Commission designates the proposal operative upon filing.13 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend 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 rulecomments@sec.gov. Please include File Number SR–BX–2010–061 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–2010–061. 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 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 has waived the five-day pre-filing requirement in this case. 12 See CBOE Rules 5.5 and 24.9 and Interpretations and Policies .01 (j) to Rule 24.9. See also Securities Exchange Act Release No. 34–61270 (Dec. 31, 2009), 75 FR 1444 (Jan. 11, 2010) (SR– CBOE–2009–099). 13 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). E:\FR\FM\09SEN1.SGM 09SEN1 Federal Register / Vol. 75, No. 174 / Thursday, September 9, 2010 / Notices 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 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– 2010–061 and should be submitted on or before September 30, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–22449 Filed 9–8–10; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Amex LLC Extending the Operation of Its New Market Model Pilot Until the Earlier of Securities and Exchange Commission Approval to Make Such Pilot Permanent or January 31, 2011 mstockstill on DSKH9S0YB1PROD with NOTICES September 1, 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 August 26, 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 and II below, which Items have been prepared by the self-regulatory organization. The Commission is CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. 1 15 VerDate Mar<15>2010 17:24 Sep 08, 2010 Jkt 220001 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend the operation of its New Market Model Pilot, currently scheduled to expire on September 30, 2010, until the earlier of Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) approval to make such pilot permanent or January 31, 2011. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, on the Commission’s website at https:// www.sec.gov, 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 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 [Release No. 34–62820; File No. SR– NYSEAmex–2010–86] 14 17 publishing this notice to solicit comments on the proposed rule change from interested persons. 1. Purpose The Exchange proposes to extend the operation of its New Market Model Pilot (‘‘NMM Pilot’’) that was adopted pursuant to its merger with the New York Stock Exchange LLC.4 The NMM Pilot was approved to operate until October 1, 2009. The Exchange filed to extend the operation of the Pilot to November 30, 2009, March 30, 2010 and 4 NYSE Euronext acquired The Amex Membership Corporation (‘‘AMC’’) pursuant to an Agreement and Plan of Merger, dated January 17, 2008 (the ‘‘Merger’’). In connection with the Merger, the Exchange’s predecessor, the American Stock Exchange LLC (‘‘Amex’’), a subsidiary of AMC, became a subsidiary of NYSE Euronext called NYSE Alternext US LLC. See Securities Exchange Act Release No. 58673 (September 29, 2008), 73 FR 57707 (October 3, 2008) (SR–NYSE–2008–60 and SR–Amex–2008–62) (approving the Merger). Subsequently NYSE Alternext US LLC was renamed NYSE Amex LLC and continues to operate as a national securities exchange registered under Section 6 of the Securities Exchange Act of 1934, as amended (the ‘‘Act’’). See Securities Exchange Act Release No. 59575 (March 13, 2009), 74 FR 11803 (March 19, 2009) (SR–NYSEALTR–2009–24). PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 54935 September 30, 2010, respectively.5 The Exchange now seeks to extend the operation of the NMM Pilot, currently scheduled to expire on September 30, 2010, until the earlier of Commission approval to make such pilot permanent or January 31, 2011. The Exchange notes that parallel changes are proposed to be made to the rules of New York Stock Exchange LLC.6 Background 7 In December 2008, NYSE Amex implemented significant changes to its market rules, execution technology and the rights and obligations of its market participants all of which were designed to improve execution quality on the Exchange. These changes are all elements of the Exchange’s enhanced market model that it implemented through the NMM Pilot. As part of the NMM Pilot, NYSE Amex eliminated the function of specialists on the Exchange creating a new category of market participant, the Designated Market Maker or DMM.8 The DMMs, like specialists, have affirmative obligations to make an orderly market, including continuous quoting requirements and obligations to re-enter the market when reaching across to execute against trading interest. Unlike specialists, DMMs have a minimum quoting requirement 9 in their assigned securities and no longer have a negative obligation. DMMs are also no longer agents for public customer orders.10 In addition, the Exchange implemented a system change that allowed DMMs to create a schedule of additional non-displayed liquidity at various price points where the DMM is willing to interact with interest and provide price improvement to orders in the Exchange’s system. This schedule is known as the DMM Capital Commitment Schedule (‘‘CCS’’).11 CCS 5 See Securities Exchange Act Release No. 60758 (October 1, 2009), 74 FR 51639 (October 7, 2009) (SR–NYSEAmex–2009–65). See also Securities Exchange Act Release No. 61030 (November 19, 2009), 74 FR 62365 (November 27, 2009) (SR– NYSEAmex–2009–83). See also Securities Exchange Act Release No. 61725 (March 17, 2010), 75 FR 14223 (March 24, 2010) (SR–NYSEAmex– 2010–28). 6 See SR–NYSE–2010–61. 7 The information contained herein is a summary of the NMM Pilot. For a fuller description of the pilot see Securities Exchange Act Release No. 58845 (October 24, 2008), 73 FR 64379 (October 29, 2008) (SR–NYSE–2008–46). 8 See NYSE Amex Equities Rule 103. 9 See NYSE Amex Equities Rule 104. 10 See NYSE Amex Equities Rule 60; See also NYSE Amex Equities Rules 104 and 1000. 11 See NYSE Amex Equities Rule 1000. E:\FR\FM\09SEN1.SGM 09SEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 75, Number 174 (Thursday, September 9, 2010)]
[Notices]
[Pages 54933-54935]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-22449]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62829; File No. SR-BX-2010-061]

Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Permit
Concurrent Listing of $2.50 and $1 Strikes on MNX Options

September 2, 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 August 30, 2010, NASDAQ OMX BX, Inc. (the ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``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

The Exchange proposes to amend Chapter XIV, Section 10 (Terms of
Index Options Contracts) of the Rules of the Boston Options Exchange
Group, LLC (``BOX'') to allow the Exchange to concurrently list $2.50
and $1 strikes on Mini- Nasdaq-100 Index (``MNX'') options, and that
certain listing parameters only apply to $1 strikes on MNX options. The
text of the proposed rule change is available from the principal office
of the Exchange, on the Commission's Web site at https://www.sec.gov, at
the Commission's Public Reference Room and also on the Exchange's
Internet Web site at https://nasdaqomxbx.cchwallstreet.com/NASDAQOMXBX/Filings/.

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.

[[Page 54934]]

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
The purpose of the proposed rule change is to allow BOX to
concurrently list $2.50 and $1 strikes on MNX options, and that certain
listing parameters only apply to $1 strikes on MNX options. BOX
believes that the availability of $2.50 and $1 strike price intervals
in MNX option series will provide investors with greater flexibility by
allowing them to establish positions that are better tailored to meet
their investment objectives.
Since December 2008, BOX has had the ability to list $1 strikes on
MNX options.\3\ In connection with the proposal to permit $1 strikes
for MNX options, BOX established parameters subject to which $1 strikes
may be added and delisted. For example, the number of initial series
that BOX may add is limited to 11 series.\4\ Also, the total number of
additional series that may be added for $1 strikes is sixty (60) per
expiration month for each series in MNX options.\5\
---------------------------------------------------------------------------

\3\ See Securities Exchange Act Release No. 59129 (Dec. 22,
2008), 73 FR 79945 (Dec. 30, 2008) (SR-BSE-2008-57) (rule change
permitting $1 strikes for MNX options).
\4\ See Chapter XIV, Section 10(c)(5)(i) of the BOX Rules.
\5\ See Chapter XIV, Section 10(c)(5)(ii) of the BOX Rules.
---------------------------------------------------------------------------

Similar parameters do not exist with regard to the listing of $2.50
strikes, and BOX now seeks to clarify that the parameters adopted with
the proposal to permit $1 strikes for MNX options do not apply to the
listing of $2.50 strikes for MNX options.\6\ In addition, BOX is
proposing to codify a bracketing provision that prohibits the Exchange
from listing strike prices with $1 intervals within $0.50 of an
existing strike price in the same series. This bracketing provision is
identical to an existing provision in effect for the $1 Strike Program,
which permits the concurrent listing of $2.50 and $1 strikes.\7\
---------------------------------------------------------------------------

\6\ See Chapter XIV, Section 10(c)(1) of the BOX Rules.
\7\ See Supplementary Material .02(c) to Chapter IV, Section 6
of the BOX Rules.
---------------------------------------------------------------------------

Finally, the Exchange proposes to change Section 10(c)(5)(iii)
providing that BOX shall not list LEAPS on Mini-NDX options at
intervals less than $5.00 to provide that BOX shall not list LEAPS on
Mini-NDX options at intervals less than $2.50.
BOX has analyzed its capacity and represents that it believes the
Exchange and the Options Price Reporting Authority have the necessary
systems capacity to handle the additional traffic associated with the
concurrent listing and trading of $1 and $2.50 strikes for MNX options.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\8\ in general, and Section
6(b)(5) of the Act,\9\ 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 the concurrent
listing and trading of $1 and $2.50 strikes for MNX options will result
in a continuing benefit to investors by giving them more flexibility to
closely tailor their investment decisions in a greater number of
securities.
---------------------------------------------------------------------------

\8\ 15 U.S.C. 78f(b).
\9\ 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 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 does not significantly
affect the protection of investors or the public interest, does not
impose any significant burden on competition, and, 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, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-
4(f)(6) thereunder.\11\
---------------------------------------------------------------------------

\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 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 Commission has waived the five-day pre-filing
requirement in this case.
---------------------------------------------------------------------------

The Exchange has requested that the Commission waive the 30-day
operative delay. The Commission believes that waiver of the operative
delay is consistent with the protection of investors and the public
interest because the proposal is substantially similar to a rule of
another exchange.\12\ Therefore, the Commission designates the proposal
operative upon filing.\13\
---------------------------------------------------------------------------

\12\ See CBOE Rules 5.5 and 24.9 and Interpretations and
Policies .01 (j) to Rule 24.9. See also Securities Exchange Act
Release No. 34-61270 (Dec. 31, 2009), 75 FR 1444 (Jan. 11, 2010)
(SR-CBOE-2009-099).
\13\ 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).
---------------------------------------------------------------------------

At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend 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-2010-061 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-2010-061. 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

[[Page 54935]]

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 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-2010-061 and should be submitted on or before
September 30, 2010.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-22449 Filed 9-8-10; 8:45 am]
BILLING CODE 8010-01-P

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