Sunshine Act Meeting, 46337 [2011-19648]
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Federal Register / Vol. 76, No. 148 / Tuesday, August 2, 2011 / Notices
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way,
Alexandria, Virginia 22312; or send an
e-mail to: PRA_Mailbox@sec.gov.
SECURITIES AND EXCHANGE
COMMISSION
Dated: July 27, 2011.
Elizabeth M. Murphy,
Secretary.
Self-Regulatory Organizations;
NASDAQ OMX BX; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Increase the Position
Limit for Options on the SPDR®
[FR Doc. 2011–19458 Filed 8–1–11; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–64977; File No. SR–BX–
2011–044]
July 27, 2011.
SECURITIES AND EXCHANGE
COMMISSION
erowe on DSK5CLS3C1PROD with NOTICES
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a Closed Meeting
on Tuesday, August 2, 2011 at 2 p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(5), (7), 9(B) and (10) and
17 CFR 200.402(a)((5), (7), 9(ii) and (10),
permit consideration of the scheduled
matters at the Closed Meeting.
Commissioner Casey, as duty officer,
voted to consider the items listed for the
Closed Meeting in a closed session, and
determined that no earlier notice thereof
was possible.
The subject matter of the Closed
Meeting scheduled for Tuesday, August
2, 2011 will be:
Settlement of injunctive actions;
Institution and settlement of
administrative proceedings; and
Other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
551–5400.
Dated: July 29, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–19648 Filed 7–29–11; 4:15 pm]
BILLING CODE 8011–01–P
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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 July 13,
2011, NASDAQ OMX BX (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 Exchange has
designated the proposed rule change as
constituting a non-controversial rule
change under Rule 19b–4(f)(6) under the
Act,3 which renders the proposal
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange proposes to amend
Chapter III, Section 7 (Position Limits)
of the Rules of the Boston Options
Exchange Group, LLC (‘‘BOX’’) to
increase the position limit for options
on the Standard and Poor’s Depositary
Receipts (‘‘SPDRs® ’’).4
Although the proposed rule change
would not amend the text of Chapter III,
Section 9 of the BOX Rules (Exercise
Limits), the proposed change would
have the effect of increasing the exercise
limits for options on SPDRs®. Chapter
III, Section 9 of the BOX Rules
establishes exercise limits that are
similar to the position limits in Chapter
III, Section 7 of the BOX Rules.5
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
4 ‘‘SPDRs® ’’, ‘‘Standard & Poor’s® ’’, ‘‘S&P® ’’,
‘‘S&P 500® ’’, ‘‘Standard & Poor’s 500’’, and ‘‘500’’
are trademarks of The McGraw-Hill Companies, Inc.
SPDRs®, also sometimes referred to colloquially as
‘‘spiders’’, are exchange traded funds (‘‘ETFs’’)
based on the S&P 500® Index. Each share of the
traditional SPDRs® ETF (SPDRs® Trust Series 1)
holds a stake in the 500 stocks represented by the
S&P 500®, SPDRs®, and options thereon, are
generally used by large institutions and traders as
bets on the overall direction of the market. They are
also used by individual retail investors who believe
in passive management (index investing).
5 Index options position limits are established in
Chapter XIV, Sections 5 and 6 of the BOX Rules and
2 17
PO 00000
Frm 00071
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46337
The text of the proposed rule change
is available at the Exchange’s Web site
at https://www.nyse.com, on the
Commission’s Web site at https://
www.sec.gov, at the Exchange’s
principal office, 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
Exchange 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
Exchange 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
The purpose of the proposal is to
amend Supplementary Material .02 to
Chapter III, Section 7 of the BOX Rules
to increase the position limit applicable
to options on SPDRs®, which are trading
under the symbol SPY, from 300,000 to
900,000 contracts on the same side of
the market.6 This proposal is similar to
a rule change recently proposed by the
NASDAQ OMX PHLX, Inc. (‘‘PHLX’’).7
BOX began trading options on
SPDRs® on January 10, 2005. That year,
the position limit for these options was
increased to the current limit of 300,000
contracts on the same side of the
market, and has remained unchanged.8
index options exercise limits are established in
Chapter XIV, Section 8 of the BOX Rules, and have
a relationship similar to that of Chapter III, Section
9 and Chapter III, Section 7 of the BOX Rules.
6 By virtue of Chapter III, Section 9 of the BOX
Rules, which is not amended by this filing, exercise
limits on options on SPDRs® would be similar to
position limits established in Chapter III, Section 7
of the BOX Rules.
7 See Securities Exchange Act Release No. 64348
(April 27, 2011), 76 FR 24951 (May 3, 2011) (SR–
Phlx–2011–58). See also Securities Exchange Act
Release No. 64695 (June, 17, 2011), 76 FR 36942
(June 23, 2011) (SR–Phlx–2011–58).
8 See Securities Exchange Act Release No. 51069
(January 21, 2005), 70 FR 5260 (February 1, 2005)
(SR–BSE–2005–05) (approval order increasing
position and exercise limits for options on SPDRs®
from 75,000 to 300,000 contracts on the same side
of the market) (the ‘‘last position increase order’’).
See also Securities Exchange Act Release Nos.
51071 (January 21, 2005), 70 FR 4911 (January 31,
2005) (SR–Phlx-2005–05) (approval order); 51043
(January 14, 2005), 70 FR 3402 (January 24, 2005)
(SR–Amex-2005–06) (approval order); 51041
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[Federal Register Volume 76, Number 148 (Tuesday, August 2, 2011)]
[Notices]
[Page 46337]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-19648]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold a Closed Meeting on Tuesday, August
2, 2011 at 2 p.m.
Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the Closed Meeting.
Certain staff members who have an interest in the matters also may be
present.
The General Counsel of the Commission, or his designee, has
certified that, in his opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(5), (7), 9(B) and (10) and 17 CFR 200.402(a)((5),
(7), 9(ii) and (10), permit consideration of the scheduled matters at
the Closed Meeting.
Commissioner Casey, as duty officer, voted to consider the items
listed for the Closed Meeting in a closed session, and determined that
no earlier notice thereof was possible.
The subject matter of the Closed Meeting scheduled for Tuesday,
August 2, 2011 will be:
Settlement of injunctive actions;
Institution and settlement of administrative proceedings; and
Other matters relating to enforcement proceedings.
At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
For further information and to ascertain what, if any, matters have
been added, deleted or postponed, please contact:
The Office of the Secretary at (202) 551-5400.
Dated: July 29, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-19648 Filed 7-29-11; 4:15 pm]
BILLING CODE 8011-01-P
