Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Trading Halts, 55440-55441 [2011-22776]
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55440
Federal Register / Vol. 76, No. 173 / Wednesday, September 7, 2011 / Notices
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
All submissions should refer to File
Number SR–Phlx–2011–122. 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.9 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–Phlx–
2011–122 and should be submitted on
or before September 28, 2011.
[Release No. 34–65232; File No. SR–C2–
2011–019]
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–22777 Filed 9–6–11; 8:45 am]
emcdonald on DSK5VPTVN1PROD with NOTICES
BILLING CODE 8011–01–P
17:37 Sep 06, 2011
August 31, 2011.
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
26, 2011, the C2 Options Exchange,
Incorporated (‘‘Exchange’’ or ‘‘C2’’) 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 proposal as
a ‘‘non-controversial’’ proposed rule
change pursuant to Section
19(b)(3)(A)(iii) of the Act 3 and Rule
19b–4(f)(6) thereunder.4 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 is proposing to make
certain conforming and non-substantive
amendments to C2 Rule 6.3, Trading
Halts, as it relates to individual stock
trading pauses in underlying stocks. The
text of the proposed rule change is
available on the Exchange’s website
(https://www.c2exchange.com/Legal/
RuleFilings.aspx), at the Exchange’s
Office of the Secretary 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 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.
9 The text of the proposed rule change is available
on the Commission’s Web site at https://
www.sec.gov.
10 17 CFR 200.30–3(a)(12).
VerDate Mar<15>2010
Self-Regulatory Organizations; C2
Options Exchange, Incorporated;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Related to Trading Halts
Jkt 223001
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
PO 00000
Frm 00096
Fmt 4703
Sfmt 4703
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The individual stock trading pause
pilot rule was developed in consultation
with U.S. listing markets to provide for
uniform market-wide trading pause
standards for certain underlying
individual stocks that experience rapid
price movement. In conjunction with
the pilot, C2 (and other options
exchanges) adopted rules that provide
that trading in the overlying options on
an eligible stock would halt when the
primary listing market for the
underlying stock issues a trading pause.
The underlying individual stock
trading pause pilot was recently
expanded to include all NMS stocks.5 In
light of the recent expansion of the
underlying individual stock trading
pause pilot, C2 is proposing certain
conforming and non-substantive
amendments to its Rule 6.3.
Specifically, the Exchange is proposing
to replace a reference to ‘‘eligible
underlying stock’’ with a conforming
reference to ‘‘underlying NMS stock.’’
The Exchange is also proposing to
include text in the rule confirming that,
following an individual stock trading
pause, trading will generally resume on
the primary listing market for the stock
after a period of five minutes, which is
consistent with the current pilot and is
simply intended to provide more detail
in the text explaining the existing pilot’s
operation.
2. Statutory Basis
The statutory basis for the proposed
rule change is Section 6(b)(5) of the
Act,6 which requires the rules of an
exchange to promote just and equitable
principles of trade, 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. The proposed rule
change also is designed to support the
principles of Section 11A(a)(1) 7 of the
5 The pilot list of stocks originally included all
stocks in the S&P 500 Index, but it has been
expanded over time to include all NMS stocks. See,
e.g., Securities Exchange Act Release Nos. 62884
(September 10, 2010), 75 FR 56618 (September 16,
2010) (SR–CBOE–2010–065) (order approving
expansion of the individual stock trading pause
pilot to include all stocks in the Russell 1000 index
and a pilot list of Exchange Traded Products) and
64735 (June 23, 2011), 76 FR 38243 (June 29, 2011)
(SR–CBOE–2011–049) (order approving further
expansion of the individual stock trading pause
pilot to include all NMS stocks effective August 8,
2011).
6 15 U.S.C. 78f(b)(5).
7 15 U.S.C. 78k–1(a)(1).
E:\FR\FM\07SEN1.SGM
07SEN1
Federal Register / Vol. 76, No. 173 / Wednesday, September 7, 2011 / Notices
Act in that it seeks to assure fair
competition among brokers and dealers
and among exchange markets. The
Exchange believes that the proposed
rule change meets these requirements
because it conforms the rule text to
reflect the recent expansion of the
underlying individual stock trading
pause pilot to cover all NMS stocks,
which pilot promotes uniformity across
markets concerning decisions to pause
trading in a stock when there are
significant price movements.
Additionally, the proposed rule change
should provide clarity on the existing
operation of the pilot.
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 that is not
necessary or appropriate in furtherance
of the purposes of the Act.
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:
emcdonald on DSK5VPTVN1PROD with NOTICES
Jkt 223001
SECURITIES AND EXCHANGE
COMMISSION
August 30, 2011.
All submissions should refer to File No.
SR–C2–2011–019. 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 No. SR–C2–2011–
17:37 Sep 06, 2011
BILLING CODE 8011–01–P
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Fee for the
Operations Professional Examination
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 8 and Rule
19b–4(f)(6) thereunder.9 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 10 and Rule 19b–4(f)(6)(iii)
thereunder.11
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
VerDate Mar<15>2010
[FR Doc. 2011–22776 Filed 9–6–11; 8:45 am]
• 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
No. SR–C2–2011–019 on the subject
line.
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
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 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 this requirement.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Elizabeth M. Murphy,
Secretary.
[Release No. 34–65221; File No. SR–FINRA–
2011–04]
Paper Comments
9 17
019 and should be submitted on or
before September 28, 2011.
Electronic Comments
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposal.
8 15
55441
PO 00000
Frm 00097
Fmt 4703
Sfmt 4703
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 August
22, 2011, Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) 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 FINRA. FINRA has
designated the proposed rule change as
‘‘establishing or changing a due, fee, or
other charge’’ under Section
19(b)(3)(A)(ii) of the Act 3 and Rule 19b–
4(f)(2) thereunder,4 which renders the
proposal effective upon receipt of this
filing by the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.5
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
FINRA is proposing to amend
Schedule A to the FINRA By-Laws to
establish a fee for the new Operations
Professional Examination (‘‘Series 99’’).
Specifically, the proposed rule change
would amend Section 4 of Schedule A
to the FINRA By-Laws to establish a fee
of $125 for a person to take the Series
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
5 The proposed rule change is related to FINRA’s
recently established registration category and
qualification examination requirement for
Operations Professionals. See Securities Exchange
Act Release No. 64687 (June 16, 2011), 76 FR 36586
(June 22, 2011) (Order Approving File No. SR–
FINRA–2011–013).
1 15
E:\FR\FM\07SEN1.SGM
07SEN1
]]>Agencies
[Federal Register Volume 76, Number 173 (Wednesday, September 7, 2011)]
[Notices]
[Pages 55440-55441]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-22776]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-65232; File No. SR-C2-2011-019]
Self-Regulatory Organizations; C2 Options Exchange, Incorporated;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Related to Trading Halts
August 31, 2011.
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 26, 2011, the C2 Options Exchange, Incorporated
(``Exchange'' or ``C2'') 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 proposal as a ``non-
controversial'' proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to make certain conforming and non-
substantive amendments to C2 Rule 6.3, Trading Halts, as it relates to
individual stock trading pauses in underlying stocks. The text of the
proposed rule change is available on the Exchange's website (https://www.c2exchange.com/Legal/RuleFilings.aspx), at the Exchange's Office of
the Secretary 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 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 individual stock trading pause pilot rule was developed in
consultation with U.S. listing markets to provide for uniform market-
wide trading pause standards for certain underlying individual stocks
that experience rapid price movement. In conjunction with the pilot, C2
(and other options exchanges) adopted rules that provide that trading
in the overlying options on an eligible stock would halt when the
primary listing market for the underlying stock issues a trading pause.
The underlying individual stock trading pause pilot was recently
expanded to include all NMS stocks.\5\ In light of the recent expansion
of the underlying individual stock trading pause pilot, C2 is proposing
certain conforming and non-substantive amendments to its Rule 6.3.
Specifically, the Exchange is proposing to replace a reference to
``eligible underlying stock'' with a conforming reference to
``underlying NMS stock.'' The Exchange is also proposing to include
text in the rule confirming that, following an individual stock trading
pause, trading will generally resume on the primary listing market for
the stock after a period of five minutes, which is consistent with the
current pilot and is simply intended to provide more detail in the text
explaining the existing pilot's operation.
---------------------------------------------------------------------------
\5\ The pilot list of stocks originally included all stocks in
the S&P 500 Index, but it has been expanded over time to include all
NMS stocks. See, e.g., Securities Exchange Act Release Nos. 62884
(September 10, 2010), 75 FR 56618 (September 16, 2010) (SR-CBOE-
2010-065) (order approving expansion of the individual stock trading
pause pilot to include all stocks in the Russell 1000 index and a
pilot list of Exchange Traded Products) and 64735 (June 23, 2011),
76 FR 38243 (June 29, 2011) (SR-CBOE-2011-049) (order approving
further expansion of the individual stock trading pause pilot to
include all NMS stocks effective August 8, 2011).
---------------------------------------------------------------------------
2. Statutory Basis
The statutory basis for the proposed rule change is Section 6(b)(5)
of the Act,\6\ which requires the rules of an exchange to promote just
and equitable principles of trade, 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. The
proposed rule change also is designed to support the principles of
Section 11A(a)(1) \7\ of the
[[Page 55441]]
Act in that it seeks to assure fair competition among brokers and
dealers and among exchange markets. The Exchange believes that the
proposed rule change meets these requirements because it conforms the
rule text to reflect the recent expansion of the underlying individual
stock trading pause pilot to cover all NMS stocks, which pilot promotes
uniformity across markets concerning decisions to pause trading in a
stock when there are significant price movements. Additionally, the
proposed rule change should provide clarity on the existing operation
of the pilot.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b)(5).
\7\ 15 U.S.C. 78k-1(a)(1).
---------------------------------------------------------------------------
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 that is 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 neither solicited nor received comments on the
proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-
4(f)(6)(iii) thereunder.\11\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(6).
\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 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 this requirement.
---------------------------------------------------------------------------
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 No. SR-C2-2011-019 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 No. SR-C2-2011-019. 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 No. SR-C2-2011-019 and should be
submitted on or before September 28, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-22776 Filed 9-6-11; 8:45 am]
BILLING CODE 8011-01-P
