Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Amending Commentary .10 To Exchange Rule 903 Allowing the NYSE Amex Options To Open Short Term Option Series That Are Opened by Other Securities Exchanges in Option Classes Selected by Other Exchanges Under Their Respective Short Term Option Rules, 36597-36599 [2012-14904]
Download as PDF
Federal Register / Vol. 77, No. 118 / Tuesday, June 19, 2012 / Notices
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
No written comments were solicited
or received with respect to the proposed
rule change.
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 (i)
as the Commission may designate up to
90 days of such date 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
the proposed rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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:
srobinson on DSK4SPTVN1PROD with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–NYSEArca–2012–57 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–NYSEArca–2012–57. 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
VerDate Mar<15>2010
16:39 Jun 18, 2012
Jkt 226001
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 Section, 100 F Street NE.,
Washington, DC 20549, on official
business days between 10:00 a.m. and
3:00 p.m. Copies of the filing will also
be available for inspection and copying
at the NYSE’s principal office and on its
Internet Web site at www.nyse.com. 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–NYSEArca–2012–57 and
should be submitted on or before July
10, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.26
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–14905 Filed 6–18–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67194; File No. SR–
NYSEMKT–2012–08]
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Amending Commentary
.10 To Exchange Rule 903 Allowing the
NYSE Amex Options To Open Short
Term Option Series That Are Opened
by Other Securities Exchanges in
Option Classes Selected by Other
Exchanges Under Their Respective
Short Term Option Rules
June 13, 2012.
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 June 12,
2012, NYSE MKT LLC (the ‘‘Exchange’’
or ‘‘NYSE MKT’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
26 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00121
Fmt 4703
Sfmt 4703
36597
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
Commentary .10 to Exchange Rule 903
to allow the NYSE Amex Options to
open Short Term Option Series
(‘‘Weeklies’’) that are opened by other
securities exchanges in option classes
selected by other exchanges under their
respective short term option rules. The
text of the proposed rule change is
available on the Exchange’s Web site at
www.nyse.com, at the principal office of
the Exchange, 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
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
1. Purpose
The purpose of this proposed rule
change is to amend Commentary .10 to
Exchange Rule 903 to allow the
Exchange to open Short Term Option
Series (‘‘Weeklies’’) that are opened by
other securities exchanges in option
classes selected by other exchanges
under their respective short term option
rules.3
Currently, the Exchange may select up
to 5 currently listed option classes on
which Weeklies options may be opened
in the Weeklies Program and the
Exchange may also match any option
classes that are selected by other
3 On July 12, 2005, the Commission approved the
Weeklies Program on a pilot basis. See Securities
Exchange Act Release No. 52014 (July 12, 2005), 70
FR 41244 (July 18, 2005) (Amex–2005–035). The
Weeklies Program was made permanent on June 23,
2010. See Securities Exchange Act Release
No.62370 (June 23, 2010), 75 FR 37870 (June 30,
2010) (SR–NYSEAmex–2010–62).
E:\FR\FM\19JNN1.SGM
19JNN1
srobinson on DSK4SPTVN1PROD with NOTICES
36598
Federal Register / Vol. 77, No. 118 / Tuesday, June 19, 2012 / Notices
securities exchanges that employ a
similar program under their respective
rules. For each option class eligible for
participation in the Weeklies Program,
the Exchange may open up to 30 Short
Term Option Series for each expiration
date in that class.
This proposal seeks to allow the
Exchange to open Weeklies option
series that are opened by other
securities exchanges in option classes
selected by other exchanges under their
respective short term option rules. This
change is being proposed
notwithstanding the current cap of 30
series per class under the Weeklies
Program. This is a competitive filing
and is based on existing rules of The
NASDAQ Stock Market LLC for the
NASDAQ Options Market (‘‘NOM’’) and
NASDAQ OMX PHLX, Inc. (‘‘PHLX’’)
and Chicago Board Options Exchange,
Incorporated (‘‘CBOE’’).4
NYSE Amex Options is competitively
disadvantaged since it operates a
substantially similar Weeklies Program
as NOM, PHLX and CBOE but is limited
to listing a maximum of 30 series per
options class that participates in its
Weeklies Program (whereas PHLX,
NOM and CBOE are not similarly
restricted).
The Exchange is not proposing any
changes to the Weeklies Program other
than the ability to open Weeklies option
series that are opened by other
securities exchanges in option classes
selected by other exchanges under their
respective short term option rules.
The Exchange notes that the Weeklies
Program has been well-received by
market participants, in particular by
retail investors. The Exchange believes
that the current proposed revision to the
Weeklies Program will permit the
Exchange to meet increased customer
demand and provide market
participants with the ability to hedge in
a greater number of option classes and
series.
With regard to the impact of this
proposal on system capacity, the
Exchange has analyzed its capacity and
represents that it and the Options Price
Reporting Authority (‘‘OPRA’’) have the
necessary systems capacity to handle
the potential additional traffic
associated with trading of an expanded
number of series for the classes that
participate in the Weeklies Program.
The proposed increase to the number
of series per classes eligible to
participate in the Weeklies Program is
4 See Securities Exchange Act Release Nos. 65775
(November 17, 2011), 76 FR 72473 (November 23,
2011) (SR–NASDAQ–2011–138) ; 65776 (November
17, 2011), 76 FR 72482 (November 23, 2011) (SR–
PHLX–2011–131); and 66563 (March 9, 2012), 77
FR 15426 (March 15, 2012).
VerDate Mar<15>2010
16:39 Jun 18, 2012
Jkt 226001
required for competitive purposes as
well as to ensure consistency and
uniformity among the competing
options exchanges that have adopted
similar Weeklies Programs.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),5 in general, and furthers the
objectives of Section 6(b)(5),6 in
particular, in that it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, and to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system. The
Exchange believes that expanding the
Weeklies Program will result in a
continuing benefit to investors by giving
them more flexibility to closely tailor
their investment decisions and hedging
decisions in a greater number of
securities. The Exchange also believes
that expanding the Weeklies Program
will provide the investing public and
other market participants with
additional opportunities to hedge their
investment thus allowing these
investors to better manage their risk
exposure. While the expansion of the
Weeklies Program will generate
additional quote traffic, the Exchange
does not believe that this increased
traffic will become unmanageable since
the proposal remains limited to a fixed
number of classes.
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 7 and Rule 19b–
4(f)(6) thereunder.8
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 those of other exchanges that
have been approved by the Commission
and permit such exchanges to open
Weekly option series that are opened by
other securities exchanges under their
respective short term option rules.9
Therefore, the Commission designates
the proposal operative upon filing.10
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
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.
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–NYSEMKT–2012–08 on the
subject line.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
Paper Comments
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
5 15
6 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00122
Fmt 4703
Sfmt 4703
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
7 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 this requirement.
9 See supra note 4.
10 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).
8 17
E:\FR\FM\19JNN1.SGM
19JNN1
Federal Register / Vol. 77, No. 118 / Tuesday, June 19, 2012 / Notices
100 F Street NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
All submissions should refer to File
Number SR–NYSEMKT–2012–08. 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
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 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–
NYSEMKT–2012–08 and should be
submitted on or before July 10, 2012.11
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–14904 Filed 6–18–12; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–67156A; File No. SR–ICC–
2012–09]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Schedule 502
of the ICE Clear Credit LLC Rules to
Amend the Reference Entity Name for
Three Credit Default Swap Contracts
and the Reference Obligation
International Securities Identification
Number Associated With One Credit
Default Swap Contract; Correction
June 13, 2012.
Securities and Exchange
Commission.
AGENCY:
ACTION:
Notice; correction.
The Securities and Exchange
Commission published a document in
the Federal Register on June 13, 2012,
concerning a Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change to Amend Schedule 502 of
the ICE Clear Credit LLC Rules to
Amend the Reference Entity Name for
Three Credit Default Swap Contracts
and the Reference Obligation
International Securities Identification
Number Associated with One Credit
Default Swap Contract. The document
contained a typographical error in one
section designation.
SUMMARY:
FOR FURTHER INFORMATION CONTACT:
Shahriar Hafizi, Division of Trading and
Markets, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549, (202) 551–7226.
Correction
In the Federal Register of June 13,
2012 in FR Doc. 2012–35462, on page
35464, in the twenty-fifth line of the
first column, correct the reference to ICE
Clear Credit LLC’s Web site to https://
www.theice.com/publicdocs/
regulatory_filings/
ICEClearCredit_052912.pdf.
srobinson on DSK4SPTVN1PROD with NOTICES
Dated: June 13, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–14858 Filed 6–18–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67195; File No. SR–
NYSEArca–2012–51]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to the Accuvest
Global Long Short ETF (Formerly the
Mars Hill Global Relative Value ETF)
June 13, 2012.
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 May 31,
2012, NYSE Arca, Inc. (‘‘Exchange’’ or
‘‘NYSE Arca’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been
substantially prepared by the Exchange.
The Exchange filed 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 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to reflect a
change to the means of achieving the
investment objective, and the size of a
Creation Unit (as described below)
applicable to, the Accuvest Global Long
Short ETF (‘‘Fund’’) (formerly known as
the Mars Hill Global Relative Value
ETF). The text of the proposed rule
change is available on the Exchange’s
Web site at www.nyse.com, at the
principal office of the Exchange, 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
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.
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
11 17
CFR 200.30–3(a)(12).
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36599
E:\FR\FM\19JNN1.SGM
19JNN1
Agencies
[Federal Register Volume 77, Number 118 (Tuesday, June 19, 2012)]
[Notices]
[Pages 36597-36599]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-14904]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67194; File No. SR-NYSEMKT-2012-08]
Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change Amending Commentary
.10 To Exchange Rule 903 Allowing the NYSE Amex Options To Open Short
Term Option Series That Are Opened by Other Securities Exchanges in
Option Classes Selected by Other Exchanges Under Their Respective Short
Term Option Rules
June 13, 2012.
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 June 12, 2012, NYSE MKT LLC (the ``Exchange'' or ``NYSE MKT'')
filed with the Securities and Exchange Commission (``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 Commentary .10 to Exchange Rule 903
to allow the NYSE Amex Options to open Short Term Option Series
(``Weeklies'') that are opened by other securities exchanges in option
classes selected by other exchanges under their respective short term
option rules. The text of the proposed rule change is available on the
Exchange's Web site at www.nyse.com, at the principal office of the
Exchange, 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 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
1. Purpose
The purpose of this proposed rule change is to amend Commentary .10
to Exchange Rule 903 to allow the Exchange to open Short Term Option
Series (``Weeklies'') that are opened by other securities exchanges in
option classes selected by other exchanges under their respective short
term option rules.\3\
---------------------------------------------------------------------------
\3\ On July 12, 2005, the Commission approved the Weeklies
Program on a pilot basis. See Securities Exchange Act Release No.
52014 (July 12, 2005), 70 FR 41244 (July 18, 2005) (Amex-2005-035).
The Weeklies Program was made permanent on June 23, 2010. See
Securities Exchange Act Release No.62370 (June 23, 2010), 75 FR
37870 (June 30, 2010) (SR-NYSEAmex-2010-62).
---------------------------------------------------------------------------
Currently, the Exchange may select up to 5 currently listed option
classes on which Weeklies options may be opened in the Weeklies Program
and the Exchange may also match any option classes that are selected by
other
[[Page 36598]]
securities exchanges that employ a similar program under their
respective rules. For each option class eligible for participation in
the Weeklies Program, the Exchange may open up to 30 Short Term Option
Series for each expiration date in that class.
This proposal seeks to allow the Exchange to open Weeklies option
series that are opened by other securities exchanges in option classes
selected by other exchanges under their respective short term option
rules. This change is being proposed notwithstanding the current cap of
30 series per class under the Weeklies Program. This is a competitive
filing and is based on existing rules of The NASDAQ Stock Market LLC
for the NASDAQ Options Market (``NOM'') and NASDAQ OMX PHLX, Inc.
(``PHLX'') and Chicago Board Options Exchange, Incorporated
(``CBOE'').\4\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release Nos. 65775 (November 17,
2011), 76 FR 72473 (November 23, 2011) (SR-NASDAQ-2011-138) ; 65776
(November 17, 2011), 76 FR 72482 (November 23, 2011) (SR-PHLX-2011-
131); and 66563 (March 9, 2012), 77 FR 15426 (March 15, 2012).
---------------------------------------------------------------------------
NYSE Amex Options is competitively disadvantaged since it operates
a substantially similar Weeklies Program as NOM, PHLX and CBOE but is
limited to listing a maximum of 30 series per options class that
participates in its Weeklies Program (whereas PHLX, NOM and CBOE are
not similarly restricted).
The Exchange is not proposing any changes to the Weeklies Program
other than the ability to open Weeklies option series that are opened
by other securities exchanges in option classes selected by other
exchanges under their respective short term option rules.
The Exchange notes that the Weeklies Program has been well-received
by market participants, in particular by retail investors. The Exchange
believes that the current proposed revision to the Weeklies Program
will permit the Exchange to meet increased customer demand and provide
market participants with the ability to hedge in a greater number of
option classes and series.
With regard to the impact of this proposal on system capacity, the
Exchange has analyzed its capacity and represents that it and the
Options Price Reporting Authority (``OPRA'') have the necessary systems
capacity to handle the potential additional traffic associated with
trading of an expanded number of series for the classes that
participate in the Weeklies Program.
The proposed increase to the number of series per classes eligible
to participate in the Weeklies Program is required for competitive
purposes as well as to ensure consistency and uniformity among the
competing options exchanges that have adopted similar Weeklies
Programs.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the ``Act''),\5\ in general, and
furthers the objectives of Section 6(b)(5),\6\ in particular, in that
it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, and to remove impediments to and perfect
the mechanism of a free and open market and a national market system.
The Exchange believes that expanding the Weeklies Program will result
in a continuing benefit to investors by giving them more flexibility to
closely tailor their investment decisions and hedging decisions in a
greater number of securities. The Exchange also believes that expanding
the Weeklies Program will provide the investing public and other market
participants with additional opportunities to hedge their investment
thus allowing these investors to better manage their risk exposure.
While the expansion of the Weeklies Program will generate additional
quote traffic, the Exchange does not believe that this increased
traffic will become unmanageable since the proposal remains limited to
a fixed number of classes.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 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 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
No written comments were solicited or received with respect to 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 \7\ and Rule 19b-
4(f)(6) thereunder.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 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.
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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 those of
other exchanges that have been approved by the Commission and permit
such exchanges to open Weekly option series that are opened by other
securities exchanges under their respective short term option rules.\9\
Therefore, the Commission designates the proposal operative upon
filing.\10\
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\9\ See supra note 4.
\10\ 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).
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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 email to rule-comments@sec.gov. Please
include File Number SR-NYSEMKT-2012-08 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission,
[[Page 36599]]
100 F Street NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEMKT-2012-08. 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 Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 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-NYSEMKT-2012-08 and should
be submitted on or before July 10, 2012.\11\
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\11\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-14904 Filed 6-18-12; 8:45 am]
BILLING CODE 8011-01-P