Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Strike Price Intervals and Trading Hours for Options on Index-Linked Securities, 77925-77926 [2010-31230]
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Federal Register / Vol. 75, No. 239 / Tuesday, December 14, 2010 / Notices
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–
NYSEAmex–2010–109 and should be
submitted on or before January 4, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–31228 Filed 12–13–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63461; File No. SR–BX–
2010–085]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Establish
Strike Price Intervals and Trading
Hours for Options on Index-Linked
Securities
December 8, 2010.
srobinson on DSKHWCL6B1PROD with NOTICES
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b-4 thereunder,2
notice is hereby given that, on December
2, 2010, NASDAQ OMX BX, Inc. (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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
Supplementary Material to Chapter IV,
Section 6 (Series of Options Contracts
Open for Trading) and Chapter V,
Section 3 (Days and Hours of Business)
of the Rules of the Boston Options
Exchange Group, LLC (‘‘BOX’’) to
establish strike price intervals and
trading hours for options on IndexLinked Securities. The text of the
proposed rule change is available from
6 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
17:09 Dec 13, 2010
Jkt 223001
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 on the
Exchange’s 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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Prior to the commencement of trading
options on Index-Linked Securities on
BOX, the Exchange is proposing to
establish strike price intervals and
trading hours for these products.
The Securities and Exchange
Commission (the ‘‘Commission’’) has
approved BOX’s and other option
exchanges’ proposals to enable the
listing and trading of options on IndexLinked Securities.3 BOX has not
commenced trading options on IndexLinked Securities to date. Trading in
options on Index-Linked Securities has
commenced on other exchanges
following the Commission’s approval of
The Options Clearing Corporation’s
(‘‘OCC’’) May 2010 supplement to the
Options Disclosure Document (‘‘ODD’’)
that provides disclosure regarding
options on Index-Linked Securities.4
$1 Strikes for Options on Index-Linked
Securities
Prior to the commencement of trading
on BOX of options on Index-Linked
Securities that satisfy the criteria set
forth in Chapter IV, Section 3(k) of the
3 See Securities Exchange Act Release Nos. 58941
(Nov. 13, 2008), 73 FR 70392 (Nov. 20, 2008) (SR–
BSE–2008–50); 58985 (Nov. 10, 2008), 73 FR 72538
(Nov. 28, 2008) (SR–ISE–2008–86); 58204 (July 22,
2008), 73 FR 43807 (July 28, 2008) (SR–CBOE–
2008–64); and 58203 (July 22, 2008), 73 FR 43812
(July 28, 2008) (SR–NYSEArca-2008–57).
4 OCC previously received Commission approval
to clear options based on Index-Linked Securities.
See Securities Exchange Act Release No. 60872
(Oct. 23, 2009), 74 FR 55878 (Oct. 29, 2009) (SR–
OCC–2009–14).
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
77925
BOX Rules, the Exchange is proposing
to establish that strike price intervals of
$1 will be permitted where the strike
price is less than $200. Where the strike
price is greater than $200, $5 strikes will
be permitted. These proposed changes
are reflected by the proposed addition of
Supplementary Material .01(c) to
Chapter IV, Section 6 of the BOX Rules.
Without discounting the differences
between exchange-traded funds (‘‘ETFs’’)
and Index-Linked Securities, BOX seeks
to extend the trading conventions
applicable to options on ETFs to options
on Index-Linked Securities. BOX
contends that the proposed strike price
intervals for options on Index-Linked
Securities are consistent with the strike
price intervals currently permitted for
options on ETFs. BOX believes that $1
strike price intervals for options on
Index-Linked Securities will provide
investors with greater flexibility by
allowing them to establish positions that
are better tailored to meet their
investment objectives. BOX has
analyzed its capacity and represents that
it and the Options Price Reporting
Authority have the necessary systems
capacity to handle the additional traffic
associated with the listing and trading
of an expanded number of series as
proposed by this filing.
Trading Hours for Options on IndexLinked Securities
Similar to the trading hours for ETF
options, the Exchange proposes to
amend Chapter V, Section 3(b) of the
BOX Rules to provide that options on
Index-Linked Securities may be traded
on BOX until 4:15 p.m. each business
day.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of the Securities and
Exchange Act of 1934 (‘‘Exchange Act’’),
in general, and Section 6(b)(5) of the
Exchange Act,5 in particular, that an
exchange has rules that are designed to
promote just and equitable principles of
trade, and 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 the
proposal will lessen investor confusion
by having strike price intervals and
trading hours established prior to the
commencement of trading on BOX of
options on Index-Linked Securities.
5 15
E:\FR\FM\14DEN1.SGM
U.S.C. 78f(b)(5).
14DEN1
77926
Federal Register / Vol. 75, No. 239 / Tuesday, December 14, 2010 / Notices
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.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
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
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 6 and Rule 19b4(f)(6) thereunder.7
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 that of another exchange that
has been approved by the Commission.8
Therefore, the Commission designates
the proposal operative upon filing.9
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.
6 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s 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 the five-day pre-filing requirement.
8 See Securities and Exchange Act Release No.
61696 (March 12, 2010), 75 FR 13174 (March 18,
2010) (SR–CBOE–2010–005).
9 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).
srobinson on DSKHWCL6B1PROD with NOTICES
7 17
VerDate Mar<15>2010
17:09 Dec 13, 2010
Jkt 223001
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–31230 Filed 12–13–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
• 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–2010–085 on the
subject line.
[Release No. 34–63464; File No. SR–
NYSEArca–2010–95]
Paper Comments
December 8, 2010.
Self-Regulatory Organizations; NYSE
Arca, Inc.; Order Granting Accelerated
Approval of a Proposed Rule Change
To List and Trade Shares of the ETFS
Asian Gold Trust
On September 22, 2010, NYSE Arca,
Inc. (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) 1 of the Securities
Exchange Act of 1934 (‘‘Act’’) 2 and Rule
19b–4 thereunder,3 a proposed rule
All submissions should refer to File
change to list and trade shares (‘‘Shares’’)
Number SR–BX–2010–085. This file
of the ETFS Asian Gold Trust (‘‘Trust’’).
number should be included on the
The proposed rule change was
subject line if e-mail is used. To help the published in the Federal Register on
Commission process and review your
November 12, 2010.4 The Commission
comments more efficiently, please use
received no comments on the proposal.
only one method. The Commission will This order approves the proposed rule
post all comments on the Commission’s change on an accelerated basis.
Internet Web site (https://www.sec.gov/
I. Description of the Proposal
rules/sro.shtml). Copies of the
The Exchange proposes to list and
submission, all subsequent
trade Shares pursuant to NYSE Arca
amendments, all written statements
Equities Rule 8.201, which governs the
with respect to the proposed rule
listing and trading of Commodity-Based
change that are filed with the
Trust Shares. The Exchange represents
Commission, and all written
that the Shares satisfy the requirements
communications relating to the
of NYSE Arca Equities Rule 8.201 and
proposed rule change between the
Commission and any person, other than thereby qualify for listing on the
Exchange.
those that may be withheld from the
The Trust will issue Shares, which
public in accordance with the
represent units of fractional undivided
provisions of 5 U.S.C. 552, will be
beneficial interest in and ownership of
available for Web site viewing and
the Trust. The investment objective of
printing in the Commission’s Public
the Trust is for the Shares to reflect the
Reference Room, 100 F Street, NE.,
performance of the price of gold bullion,
Washington, DC 20549, on official
less the expenses of the Trust’s
business days between the hours of 10
operations.5
a.m. and 3 p.m. Copies of the filing also
The Exchange deems the Shares to be
will be available for inspection and
equity securities, which subjects the
Shares to the Exchange’s existing rules
copying at the principal office of the
Exchange. All comments received will
10 17 CFR 200.30–3(a)(12).
be posted without change; the
1 15 U.S.C. 78s(b)(1).
Commission does not edit personal
2 15 U.S.C. 78a.
identifying information from
3 17 CFR 240.19b–4.
submissions. You should submit only
4 See Securities Exchange Act Release No. 63267
information that you wish to make
(November 8, 2010), 75 FR 69494 (‘‘Notice’’).
5 See the Registration Statement for the Trust on
available publicly. All submissions
Form S–1, filed with the Commission on July 22,
should refer to File Number SR–BX–
2010 (No. 333–168277) (‘‘Registration Statement’’).
2010–085 and should be submitted on
The descriptions of the Trust, the Shares and the
gold market contained in the Notice are based on
or before January 4, 2011.
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
PO 00000
the Registration Statement.
Frm 00106
Fmt 4703
Sfmt 4703
E:\FR\FM\14DEN1.SGM
14DEN1
]]>Agencies
[Federal Register Volume 75, Number 239 (Tuesday, December 14, 2010)]
[Notices]
[Pages 77925-77926]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-31230]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63461; File No. SR-BX-2010-085]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Establish
Strike Price Intervals and Trading Hours for Options on Index-Linked
Securities
December 8, 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 December 2, 2010, NASDAQ OMX BX, Inc. (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
The Exchange proposes to amend the Supplementary Material to
Chapter IV, Section 6 (Series of Options Contracts Open for Trading)
and Chapter V, Section 3 (Days and Hours of Business) of the Rules of
the Boston Options Exchange Group, LLC (``BOX'') to establish strike
price intervals and trading hours for options on Index-Linked
Securities. 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 on
the Exchange's 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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
Prior to the commencement of trading options on Index-Linked
Securities on BOX, the Exchange is proposing to establish strike price
intervals and trading hours for these products.
The Securities and Exchange Commission (the ``Commission'') has
approved BOX's and other option exchanges' proposals to enable the
listing and trading of options on Index-Linked Securities.\3\ BOX has
not commenced trading options on Index-Linked Securities to date.
Trading in options on Index-Linked Securities has commenced on other
exchanges following the Commission's approval of The Options Clearing
Corporation's (``OCC'') May 2010 supplement to the Options Disclosure
Document (``ODD'') that provides disclosure regarding options on Index-
Linked Securities.\4\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release Nos. 58941 (Nov. 13,
2008), 73 FR 70392 (Nov. 20, 2008) (SR-BSE-2008-50); 58985 (Nov. 10,
2008), 73 FR 72538 (Nov. 28, 2008) (SR-ISE-2008-86); 58204 (July 22,
2008), 73 FR 43807 (July 28, 2008) (SR-CBOE-2008-64); and 58203
(July 22, 2008), 73 FR 43812 (July 28, 2008) (SR-NYSEArca-2008-57).
\4\ OCC previously received Commission approval to clear options
based on Index-Linked Securities. See Securities Exchange Act
Release No. 60872 (Oct. 23, 2009), 74 FR 55878 (Oct. 29, 2009) (SR-
OCC-2009-14).
---------------------------------------------------------------------------
$1 Strikes for Options on Index-Linked Securities
Prior to the commencement of trading on BOX of options on Index-
Linked Securities that satisfy the criteria set forth in Chapter IV,
Section 3(k) of the BOX Rules, the Exchange is proposing to establish
that strike price intervals of $1 will be permitted where the strike
price is less than $200. Where the strike price is greater than $200,
$5 strikes will be permitted. These proposed changes are reflected by
the proposed addition of Supplementary Material .01(c) to Chapter IV,
Section 6 of the BOX Rules.
Without discounting the differences between exchange-traded funds
(``ETFs'') and Index-Linked Securities, BOX seeks to extend the trading
conventions applicable to options on ETFs to options on Index-Linked
Securities. BOX contends that the proposed strike price intervals for
options on Index-Linked Securities are consistent with the strike price
intervals currently permitted for options on ETFs. BOX believes that $1
strike price intervals for options on Index-Linked Securities will
provide investors with greater flexibility by allowing them to
establish positions that are better tailored to meet their investment
objectives. BOX has analyzed its capacity and represents that it and
the Options Price Reporting Authority have the necessary systems
capacity to handle the additional traffic associated with the listing
and trading of an expanded number of series as proposed by this filing.
Trading Hours for Options on Index-Linked Securities
Similar to the trading hours for ETF options, the Exchange proposes
to amend Chapter V, Section 3(b) of the BOX Rules to provide that
options on Index-Linked Securities may be traded on BOX until 4:15 p.m.
each business day.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of the Securities and Exchange Act of 1934 (``Exchange
Act''), in general, and Section 6(b)(5) of the Exchange Act,\5\ in
particular, that an exchange has rules that are designed to promote
just and equitable principles of trade, and 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 the proposal will lessen
investor confusion by having strike price intervals and trading hours
established prior to the commencement of trading on BOX of options on
Index-Linked Securities.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
[[Page 77926]]
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 \6\ and Rule 19b-
4(f)(6) thereunder.\7\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's 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 the five-day pre-filing requirement.
---------------------------------------------------------------------------
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 that of
another exchange that has been approved by the Commission.\8\
Therefore, the Commission designates the proposal operative upon
filing.\9\
---------------------------------------------------------------------------
\8\ See Securities and Exchange Act Release No. 61696 (March 12,
2010), 75 FR 13174 (March 18, 2010) (SR-CBOE-2010-005).
\9\ 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-2010-085 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-2010-085. 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 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-2010-085 and should be
submitted on or before January 4, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-31230 Filed 12-13-10; 8:45 am]
BILLING CODE 8011-01-P
