Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Schedule, 12898-12900 [2012-5083]
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12898
Federal Register / Vol. 77, No. 42 / Friday, March 2, 2012 / Notices
Section 19(a)(3) of the Act 14 provides
that in the event any self-regulatory
organization is no longer in existence or
has ceased to do business in the
capacity specified in its application for
registration, ‘‘the Commission, by order,
shall cancel its registration.’’
Based upon the representations and
undertakings made by PCX to the
Commission and because PSDTC is no
longer in existence and has ceased to do
business in the capacity specified in its
registration application, the
Commission is canceling its registration
effective February 24, 2012.
It is therefore ordered that:
Effective February 24, 2012, based on
the facts and representations noted
above, PSDTC’s registration as a clearing
agency under Section 17A of the
Exchange Act and Rule 17Ab2–1
thereunder is cancelled.
By the Commission.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–5056 Filed 3–1–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66461; File No. 600–7]
Self-Regulatory Organizations;
Midwest Securities Trust Company;
Order Cancelling Clearing Agency
Registration
February 24, 2012.
tkelley on DSK3SPTVN1PROD with NOTICES
I. Background
On December 1, 1975, pursuant to
Sections 17A(b) and 19(a)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 17Ab2–1
thereunder,2 the Securities and
Exchange Commission (‘‘Commission’’)
approved on a temporary basis the
application for registration as a clearing
agency filed by the Midwest Securities
Trust Company (‘‘MSTC’’).3 By
2011, it had not received any requests over the last
two years for documents relating to PSDTC and that
no claims relating to the operations of PSDTC had
been made. Email from Janet McGinness, Senior
Vice President, Legal and Corporate Secretary,
NYSE Euronext, to David Karasik, Division of
Trading and Markets, Commission (Aug. 26, 2011).
As a result of the business combination of NYSE
Group, Inc. and Euronext N.V., the businesses of
NYSE Group, including that of the NYSE LLC and
NYSE Arca, and Euronext are now held under a
single, publicly traded holding company named
NYSE Euronext. Release Nos. 34–55293 (Feb. 14,
2007), 72 FR 8033 (Feb. 22, 2007) and 34–55026
(Dec. 29, 2006), 72 FR 814 (Jan. 8, 2007).
14 15 U.S.C. 78s(a)(3).
1 15 U.S.C. 78q–1(b) and 78s(a)(1).
2 17 CFR 240.17Ab2–1.
3 Release No. 34–11875 (Nov. 26, 1975), 40 FR
55910 (Dec. 2, 1975).
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17:01 Mar 01, 2012
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subsequent orders, the Commission
extended MSTC’s temporary
registration.4 On September 23, 1983,
pursuant to Section 17A and Rule
17Ab2–1 thereunder,5 the Commission
approved on a permanent basis MSTC’s
registration as a clearing agency.6 MSTC
was a subsidiary of The Chicago Stock
Exchange, Incorporated (‘‘CHX’’) 7 and
operated as a securities depository and
trust company providing trade
recording, comparison, clearance, and
settlement services.8
II. Cancellation of MSTC’s Registration
as a Clearing Agency
In a letter dated April 24, 2003, CHX
stated that MSTC was no longer in
operation and therefore had ceased to
do business in the capacity specified in
MSTC’s application for registration.9
Further, in a letter dated October 28,
2009, CHX indicated that MSTC had
tendered its Certificate of Authority to
the Illinois Office of Banks and Real
Estate (‘‘OBRE’’) and referenced an
agreement between CHX and OBRE
regarding the transfer of long-abandoned
property from MSTC to OBRE.10 As part
of the subsequent wind down process,
MSTC and CHX entered into an
agreement with The Depository Trust
Company (‘‘DTC’’) under which DTC
assumed all rights, title, and interest to
the name Kray & Co., the nominee
partnership for MSTC (‘‘Kray’’).11 CHX
stated that, given the length of time that
has elapsed since MSTC ceased active
operations, CHX did not anticipate any
future claims against MSTC, OBRE,
Kray, or CHX.12 CHX also stated that it
4 Release Nos. 34–13584, 42 FR 30066 (Jun. 10,
1977); 34–13911 (Aug. 31, 1977), 1977 WL 190688;
34–14531, 43 FR 10288 (Mar. 10, 1978); and 34–
18584 (March 22, 1982), 47 FR 13266 (Mar. 29,
1982).
5 15 U.S.C. 78q–1 and 17 CFR 240.17Ab2–1.
6 Release No. 34–20221, 48 FR 45167 (Oct. 3,
1983).
7 Letter from James A. Blanda, Senior Vice
President & Treasurer, to Jerry Carpenter, Division
of Market Regulation (now the Division of Trading
and Markets), Commission (April 24, 2003) (‘‘April
2003 Letter’’).
8 Release No. 34–20221, supra note 6. See also
Letter from David C. Whitcomb Jr., General
Counsel, Chicago Stock Exchange, to David Karasik,
Division of Trading and Markets, Commission (Oct.
28, 2009) (‘‘October 2009 Letter’’).
9 April 2003 Letter. MSTC was incorporated in
Illinois on April 19, 1973, and was dissolved on
December 17, 2009. LexisNexis, Public Records,
Corporate Filings search (https://www.lexis.com) and
Illinois Office of the Secretary of State (https://
www.ilsos.gov/corporatellc/).
10 October 2009 Letter. See also April 2003 Letter.
11 October 2009 Letter.
12 Id. In addition, CHX represented that as of
August 16, 2011, CHX has not, to the best of its
knowledge, received any claims against, or
document requests regarding, MSTC within the last
two years. Email from James G. Ongeena, Vice
President and Associate General Counsel, Chicago
PO 00000
Frm 00107
Fmt 4703
Sfmt 4703
would retain MSTC’s records that were
subject to Rule 17a–1 in accordance
with CHX’s document retention policies
and that, as of October 28, 2009, most
of the records required to be retained by
Rule 17a–1 had exceeded the five year
retention period required by Rule 17a–
1(b).13
Section 19(a)(3) of the Act 14 provides
that in the event any self-regulatory
organization is no longer in existence or
has ceased to do business in the
capacity specified in its application for
registration, ‘‘the Commission, by order,
shall cancel its registration.’’
Based upon the representations and
undertakings made by CHX to the
Commission with regard to MSTC’s
records and any potential future claims
against MSTC and because MSTC is no
longer in existence and has ceased to do
business in the capacity specified in its
registration application, the
Commission is canceling MSTC’s
registration effective February 24, 2012.
It is therefore ordered that:
Effective February 24, 2012, based on
the facts and representations noted
above, MSTC’s registration as a clearing
agency under Section 17A of the Act
and Rule 17Ab2–1 thereunder is
cancelled.
By the Commission.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–5057 Filed 3–1–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66472; File No. SR–C2–
2012–008]
Self-Regulatory Organizations; C2
Options Exchange, Incorporated;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend the Fees Schedule
February 27, 2012.
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 February
23, 2012, C2 Options Exchange,
Incorporated (the ‘‘Exchange’’ or ‘‘C2’’)
filed with the Securities and Exchange
Commission (the ‘‘Commission’’) the
Stock Exchange, to David Karasik, Division of
Trading and Markets, Commission (Aug. 16, 2011).
13 Id. As noted above, CHX represented in April
2003 that MSTC was no longer in operation and had
ceased to do business in the capacity specified in
MSTC’s application for clearing agency registration.
April 2003 Letter.
14 15 U.S.C. 78s(a)(3).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
E:\FR\FM\02MRN1.SGM
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Federal Register / Vol. 77, No. 42 / Friday, March 2, 2012 / Notices
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 its
Fees Schedule. The text of the proposed
rule change is available on the
Exchange’s Web site (https://www.
c2exchange.com/Legal/), 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 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
tkelley on DSK3SPTVN1PROD with NOTICES
1. Purpose
On September 2, 2011, the
Commission approved a proposed rule
change filed by the Exchange to permit
on a pilot basis the listing and trading
on C2 of Standard & Poor’s 500 Index
(‘‘S&P 500’’) options with third-Fridayof-the-month (‘‘Expiration Friday’’)
expiration dates for which the exercise
settlement value will be based on the
index value derived from the closing
prices of component securities
(‘‘SPXPM’’).3 On September 28, 2011,
the Exchange filed an immediatelyeffective rule change to adopt fees
associated with the anticipated trading
of SPXPM (the ‘‘Initial SPXPM Fees
Filing’’).4 In the Initial SPXPM Fees
Filing, the Exchange adopted an SPXPM
Tier Appointment Fee of $4,000 which
would be charged to any Market-Maker
Permit holder that has an appointment
3 See Securities Exchange Act Release No. 34–
65256 (September 2, 2011), 76 FR 55969 (September
9, 2011) (SR–C2–2011–008).
4 See Securities Exchange Act Release No. 34–
65471 (October 3, 2011), 76 FR 62491 (October 7,
2011) (SR–C2–2011–026).
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17:01 Mar 01, 2012
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12899
(registration) in SPXPM at any time
during a calendar month, but the
Exchange also waived that fee through
November 30, 2011. On November 23,
the Exchange extended that waiver
through December 31, 2011.5 The
Exchange then extended that waiver
once again through February 29, 2012.6
The Exchange hereby proposes
continuing that waiver for three months
through May 31, 2012. The purpose of
this waiver extension is to allow more
time for the SPXPM market to develop
and allow and encourage Market-Makers
to join in and elect for an SPXPM Tier
Appointment.
The proposed rule change is to take
effect on March 1, 2012.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The proposed rule change is
designated by the Exchange as
establishing or changing a due, fee, or
other charge, thereby qualifying for
effectiveness on filing pursuant to
Section 19(b)(3)(A) of the Act 9 and
subparagraph (f)(2) of Rule 19b–4 10
thereunder. 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.
2. Statutory Basis
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:
The proposed rule change is
consistent with Section 6(b) of the Act,7
in general, and furthers the objectives of
Section 6(b)(4) 8 of the Act in particular,
in that it is designed to provide for the
equitable allocation of reasonable dues,
fees, and other charges among C2
Trading Permit Holders and other
persons using Exchange facilities.
Continuing the waiver of the SPXPM
Tier Appointment Fee is reasonable
because it will allow Market-Makers
with an SPXPM Tier Appointment to
avoid paying the Tier Appointment Fee
for another 3-month period, and is
equitable and not unfairly
discriminatory because all MarketMakers with an SPXPM Tier
Appointment will be able to avoid
paying the SPXPM Tier Appointment
Fee through May 31, 2012.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
C2 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 proposed
rule change.
5 See Securities Exchange Act Release No. 34–
65874 (December 2, 2011), 76 FR 76785 (December
8, 2011) (SR–C2–2011–037).
6 See Securities Exchange Act Release No. 34–
66140 (January 11, 2012), 77 FR 2772 (January 19,
2012) (SR–C2–2012–002).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(4).
PO 00000
Frm 00108
Fmt 4703
Sfmt 4703
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number
SR–C2–2012–008 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–C2–2012–008. This file
number should be included on the
subject line if email 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
9 15
U.S.C. 78s(b)(3)(A).
C.F.R. 240.19b–4(f)(2).
10 17
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Federal Register / Vol. 77, No. 42 / Friday, March 2, 2012 / Notices
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
will also 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–C2–2012–
008 and should be submitted on or
before March 23, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Kevin M. O’Neill,
Deputy Secretary.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66471; File No. SR–ISE–
2012–10]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Amend the Exchange’s
Obvious Error Rule
February 27, 2012.
tkelley on DSK3SPTVN1PROD with NOTICES
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 February
22, 2012, the International Securities
Exchange, LLC (the ‘‘Exchange’’ or the
‘‘ISE’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change as described
in Items I, II, and III 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
Rule 720 regarding Obvious Errors. The
proposed rule change will re-define
theoretical price (‘‘Theoretical Price’’)
for the purposes of determining whether
an execution price constitutes an
obvious error (‘‘Obvious Error’’). The
text of the proposed rule change is
1. Purpose
The Obvious Error rules and
procedures in the ISE Rules provide
objective criteria by which certain
transactions may be analyzed if believed
to have been executed at erroneously
high or low prices. ISE Rule 720
currently defines the Theoretical Price
of an options series, if the series is
traded on at least one other options
exchange, as ‘‘the last bid price with
respect to an erroneous sell transaction,
and last offer price with respect to an
erroneous buy transaction, just prior to
the trade disseminated by the competing
options exchange that has the most
liquidity in that option; or if there are
no quotes for comparison purposes, as
determined by designated personnel in
the Exchange’s market control center.’’
The proposed rule change would redefine Theoretical Price to mean, with
respect to options series traded on at
least one other options exchange, either
the last National Best Bid price (with
respect to an erroneous sell transaction)
or the last National Best Offer price
(with respect to an erroneous buy
transaction), just prior to the trade in
question. The proposed new definition
of Theoretical Price will provide the
Exchange’s market control center with a
clearly defined measure of the price on
which to base their determination as to
whether or not a particular transaction
resulted from an erroneous price thus
[sic] was an obvious error.3 This
proposed rule change would continue to
3 The Exchange notes that Boston Options
Exchange (‘‘BOX’’) uses the NBBO to determine the
theoretical price of an option. See BOX Chapter V,
Sec. 20.
11 17
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
17:01 Mar 01, 2012
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
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
[FR Doc. 2012–5083 Filed 3–1–12; 8:45 am]
VerDate Mar<15>2010
available on the Exchange’s Web site
www.ise.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
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Frm 00109
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permit the Exchange’s market control
center to establish the Theoretical Price
when there are no quotes available for
comparison purposes.
As this proposed rule change will
eliminate any comparison to the
‘‘competing options exchange that has
the most liquidity in that option,’’ the
Exchange proposes to remove
Supplementary Material .06 to ISE Rule
720.
2. Basis
The Exchange believes that this
proposed rule change is consistent with
the requirements of Section 6(b) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’),4 in general, and
Section 6(b)(5) of the Exchange Act,5 in
particular, in that it is designed to
promote just and equitable principles of
trade, to prevent fraudulent and
manipulative acts, to remove
impediments to and perfect the
mechanism for a free and open market
and a national market system, and in
general, to protect investors and the
public interest. In particular, the
proposed rule change will establish an
objective definition of Theoretical Price
when determining whether a particular
transaction was or was not an Obvious
Error.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
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 has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
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
4 15
5 15
E:\FR\FM\02MRN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
02MRN1
]]>Agencies
[Federal Register Volume 77, Number 42 (Friday, March 2, 2012)]
[Notices]
[Pages 12898-12900]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-5083]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66472; File No. SR-C2-2012-008]
Self-Regulatory Organizations; C2 Options Exchange, Incorporated;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Amend the Fees Schedule
February 27, 2012.
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 February 23, 2012, C2 Options Exchange, Incorporated (the
``Exchange'' or ``C2'') filed with the Securities and Exchange
Commission (the ``Commission'') the
[[Page 12899]]
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 its Fees Schedule. The text of the
proposed rule change is available on the Exchange's Web site (https://www.c2exchange.com/Legal/), 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 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
On September 2, 2011, the Commission approved a proposed rule
change filed by the Exchange to permit on a pilot basis the listing and
trading on C2 of Standard & Poor's 500 Index (``S&P 500'') options with
third-Friday-of-the-month (``Expiration Friday'') expiration dates for
which the exercise settlement value will be based on the index value
derived from the closing prices of component securities (``SPXPM'').\3\
On September 28, 2011, the Exchange filed an immediately-effective rule
change to adopt fees associated with the anticipated trading of SPXPM
(the ``Initial SPXPM Fees Filing'').\4\ In the Initial SPXPM Fees
Filing, the Exchange adopted an SPXPM Tier Appointment Fee of $4,000
which would be charged to any Market-Maker Permit holder that has an
appointment (registration) in SPXPM at any time during a calendar
month, but the Exchange also waived that fee through November 30, 2011.
On November 23, the Exchange extended that waiver through December 31,
2011.\5\ The Exchange then extended that waiver once again through
February 29, 2012.\6\ The Exchange hereby proposes continuing that
waiver for three months through May 31, 2012. The purpose of this
waiver extension is to allow more time for the SPXPM market to develop
and allow and encourage Market-Makers to join in and elect for an SPXPM
Tier Appointment.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 34-65256 (September
2, 2011), 76 FR 55969 (September 9, 2011) (SR-C2-2011-008).
\4\ See Securities Exchange Act Release No. 34-65471 (October 3,
2011), 76 FR 62491 (October 7, 2011) (SR-C2-2011-026).
\5\ See Securities Exchange Act Release No. 34-65874 (December
2, 2011), 76 FR 76785 (December 8, 2011) (SR-C2-2011-037).
\6\ See Securities Exchange Act Release No. 34-66140 (January
11, 2012), 77 FR 2772 (January 19, 2012) (SR-C2-2012-002).
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The proposed rule change is to take effect on March 1, 2012.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\7\ in general, and furthers the objectives of Section 6(b)(4) \8\
of the Act in particular, in that it is designed to provide for the
equitable allocation of reasonable dues, fees, and other charges among
C2 Trading Permit Holders and other persons using Exchange facilities.
Continuing the waiver of the SPXPM Tier Appointment Fee is reasonable
because it will allow Market-Makers with an SPXPM Tier Appointment to
avoid paying the Tier Appointment Fee for another 3-month period, and
is equitable and not unfairly discriminatory because all Market-Makers
with an SPXPM Tier Appointment will be able to avoid paying the SPXPM
Tier Appointment Fee through May 31, 2012.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
C2 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
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The proposed rule change is designated by the Exchange as
establishing or changing a due, fee, or other charge, thereby
qualifying for effectiveness on filing pursuant to Section 19(b)(3)(A)
of the Act \9\ and subparagraph (f)(2) of Rule 19b-4 \10\ thereunder.
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.
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 C.F.R. 240.19b-4(f)(2).
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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 email to rule-comments@sec.gov. Please include
File Number SR-C2-2012-008 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-C2-2012-008. This file
number should be included on the subject line if email 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
[[Page 12900]]
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 will also 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-C2-2012-008 and should be submitted on or before March 23,
2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-5083 Filed 3-1-12; 8:45 am]
BILLING CODE 8011-01-P
