Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Withdrawal of Proposed Rule Change To List and Trade Option Contracts Overlying 10 Shares of a Security, 38361-38362 [2012-15637]

Download as PDF Federal Register / Vol. 77, No. 124 / Wednesday, June 27, 2012 / Notices srobinson on DSK4SPTVN1PROD with NOTICES delay. The Trust’s Web site will provide ongoing pricing information for copper spot prices and the Shares. Market prices for the Shares will be available from a variety of sources including brokerage firms, information Web sites and other information service providers. The NAV will be published by the Sponsor on each business day after 4:00 p.m. E.T. and will be posted on the Trust’s Web site. The IIV per Share for the Shares, updated at least every 15 seconds, as calculated by the Exchange or a third party financial data provider, will be widely disseminated by one or more major market data vendors at least every 15 seconds during the Core Trading Session on the Exchange. In addition, the Exchange will make available over the Consolidated Tape last sale and quotation information, trading volume, closing prices and NAV for the Shares from the previous day. The proposed rule change is designed to promote just and equitable principles of trade and to protect investors and the public interest in that a large amount of information is publicly available regarding the Trust and the Shares, thereby promoting market transparency. Trading in Shares of the Trust will be halted if the circuit breaker parameters in NYSE Arca Equities Rule 7.12 have been reached or because of market conditions or for reasons that, in the view of the Exchange, make trading in the Shares inadvisable. Moreover, prior to the commencement of trading, the Exchange will inform its ETP Holders in an Information Bulletin of the special characteristics and risks associated with trading the Shares. The proposed rule change is designed to perfect the mechanism of a free and open market and, in general, to protect investors and the public interest in that it will facilitate the listing and trading of an additional type of CommodityBased Trust Shares that will enhance competition among market participants, to the benefit of investors and the marketplace. As noted above, the Exchange has in place surveillance procedures relating to trading in the Shares and may obtain information via ISG from other exchanges that are members of ISG or with which the Exchange has entered into a comprehensive surveillance sharing agreement. 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. VerDate Mar<15>2010 19:05 Jun 26, 2012 Jkt 226001 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: Electronic Comments 38361 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 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 Number SR– NYSEArca–2012–66, and should be submitted on or before July 18, 2012. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.41 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–15730 Filed 6–26–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67234; File No. SR–ISE– 2012–26] • 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–2012–66 on the subject line. Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Withdrawal of Proposed Rule Change To List and Trade Option Contracts Overlying 10 Shares of a Security Paper Comments On April 9, 2012, the International Securities Exchange, LLC (‘‘ISE’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 19341 and Rule 19b–4 thereunder,2 a proposed rule change to list and trade option contracts overlying 10 shares of a security. Notice of the proposed rule change was published in the Federal Register on April 24, 2012.3 The Commission received five comment letters on the proposed rule change.4 On • 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–2012–66. 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 PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 June 21, 2012. 41 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 66827 (April 18, 2012), 77 FR 24547. 4 See letters to Elizabeth M. Murphy, Secretary, Commission, from Christopher Nagy, Managing Director Order Routing & Market Data Strategy, TD Ameritrade, dated April 30, 2012; Manisha Kimmel, Executive Director, Financial Information Forum, dated April 30, 2012; Edward T. Tilly, President 1 15 E:\FR\FM\27JNN1.SGM Continued 27JNN1 38362 Federal Register / Vol. 77, No. 124 / Wednesday, June 27, 2012 / Notices June 1, 2012, the Commission extended the time period for Commission action to July 23, 2012.5 On June 11, 2012, ISE withdrew the proposed rule change (SR–ISE–2012–26). May 21, 2012, the Commission extended the time period for Commission action to July 8, 2012.5 On June 11, 2012, NYSE Arca withdrew the proposed rule change (SR–NYSEArca–2012–26). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Kevin M. O’Neill, Deputy Secretary. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–15637 Filed 6–26–12; 8:45 am] [FR Doc. 2012–15636 Filed 6–26–12; 8:45 am] BILLING CODE 8011–01–P BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67233; File No. SR– NYSEArca–2012–26] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Withdrawal of Proposed Rule Change To List and Trade Option Contracts Overlying 10 Shares of a Security (‘‘Mini-Options Contracts’’) and Implement Rule Text Necessary To Distinguish Mini-Options Contracts From Option Contracts Overlying 100 Shares of a Security (‘‘Standard Contracts’’) June 21, 2012. srobinson on DSK4SPTVN1PROD with NOTICES On March 23, 2012, NYSE Arca, Inc. (‘‘NYSE Arca’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 1 and Rule 19b–4 thereunder,2 a proposed rule change to list and trade Mini-Options Contracts and implement rule text necessary to distinguish MiniOptions Contracts from Standard Contracts. Notice of the proposed rule change was published in the Federal Register on April 9, 2012.3 The Commission received six comment letters on the proposed rule change.4 On and Chief Operating Officer, Chicago Board Options Exchange, Incorporated, dated April 30, 2012; Joan C. Conley, Senior Vice President & Corporate Secretary, The NASDAQ OMX Group, Inc., dated April 30, 2012; and Jennifer Green Setzenfand, Chairman of the Board and James Toes, President and CEO, Security Traders Association, dated June 8, 2012. 5 See Securities Exchange Act Release No. 67097 (June 1, 2012), 77 FR 33794 (June 7, 2012). 6 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 66725 (April 3, 2012), 77 FR 21120. 4 See email from Danon Robinson, Toro Trading, LLC, dated April 5, 2012; letters to Elizabeth M. Murphy, Secretary, Commission, from Christopher Nagy, Managing Director Order Routing & Market Data Strategy, TD Ameritrade, dated April 30, 2012; Manisha Kimmel, Executive Director, Financial Information Forum, dated April 30, 2012; Edward T. Tilly, President and Chief Operating Officer, Chicago Board Options Exchange, Incorporated, dated April 30, 2012; Joan C. Conley, Senior Vice President & Corporate Secretary, The NASDAQ VerDate Mar<15>2010 19:05 Jun 26, 2012 Jkt 226001 [Release No. 34–67231; File No. SR–CBOE– 2012–057] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Increase the Class Quoting Limit for Options on Facebook June 21, 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 June 15, 2012, the Chicago Board Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘CBOE’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change CBOE proposes to amend the Class Quoting Limit (‘‘CQL’’) for options on Facebook. The text of the proposed rule change is available on the Exchange’s Web site (https://www.cboe.com/ AboutCBOE/ CBOELegalRegulatoryHome.aspx), at the Exchange’s Office of the Secretary and at the Commission’s Public Reference Room. OMX Group, Inc., dated April 30, 2012; and Jennifer Green Setzenfand, Chairman of the Board and James Toes, President and CEO, Security Traders Association, dated June 8, 2012. 5 See Securities Exchange Act Release No. 67034 (May 21, 2012), 77 FR 31418 (May 25, 2012). 6 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 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 Statutory Basis for, the Proposed Rule Change 1. Purpose A CQL is the maximum number of Trading Permit Holders (‘‘TPHs’’) that may quote electronically in a given product.3 CBOE Rule 8.3A, Interpretation .01 states that the CQL for products trading on the Exchange’s Hybrid Trading System (‘‘Hybrid’’) is 50.4 However, the President of the Exchange may increase the CQL for an existing or new product if he determines that it would be appropriate.5 Such an increase can be accomplished by submitting to the Commission a rule filing pursuant to Section 19b(3)(A) of the Act and announcing the increase to TPHs via Information Circular.6 The Exchange has previously increased the CQLs for other products to 60 via rule filing.7 Since the Exchange recently began electronically trading options on Facebook, trading volume and TPH interest in quoting on that product has increased rapidly. As such, CBOE’s President has determined that it would be appropriate to increase the CQL for Facebook from 50 to 60. The Exchange has prepared an Information Circular to inform TPHs of this change, and hereby submits this proposed rule filing to effect such change. The Exchange has the system capacity to manage the proposed increase. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Act and the rules and regulations 3 See CBOE Rule 8.3A. CBOE Rule 8.3A, Interpretation .01(a). 5 See CBOE Rule 8.3A, Interpretation .01(b). 6 See CBOE Rule 8.3A, Interpretation .01(c). 7 See Securities Exchange Act Release No. 55664 (April 24, 2007), 72 FR 23867 (May 1, 2007) (SR– CBOE–2007–36), which increased the CQLs for Apple Inc. and Research In Motion to 60. 4 See E:\FR\FM\27JNN1.SGM 27JNN1

Agencies

[Federal Register Volume 77, Number 124 (Wednesday, June 27, 2012)]
[Notices]
[Pages 38361-38362]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-15637]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67234; File No. SR-ISE-2012-26]


 Self-Regulatory Organizations; International Securities 
Exchange, LLC; Notice of Withdrawal of Proposed Rule Change To List and 
Trade Option Contracts Overlying 10 Shares of a Security

June 21, 2012.
    On April 9, 2012, the International Securities Exchange, LLC 
(``ISE'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934\1\ and Rule 19b-4 thereunder,\2\ a proposed rule 
change to list and trade option contracts overlying 10 shares of a 
security. Notice of the proposed rule change was published in the 
Federal Register on April 24, 2012.\3\ The Commission received five 
comment letters on the proposed rule change.\4\ On

[[Page 38362]]

June 1, 2012, the Commission extended the time period for Commission 
action to July 23, 2012.\5\ On June 11, 2012, ISE withdrew the proposed 
rule change (SR-ISE-2012-26).
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 66827 (April 18, 
2012), 77 FR 24547.
    \4\ See letters to Elizabeth M. Murphy, Secretary, Commission, 
from Christopher Nagy, Managing Director Order Routing & Market Data 
Strategy, TD Ameritrade, dated April 30, 2012; Manisha Kimmel, 
Executive Director, Financial Information Forum, dated April 30, 
2012; Edward T. Tilly, President and Chief Operating Officer, 
Chicago Board Options Exchange, Incorporated, dated April 30, 2012; 
Joan C. Conley, Senior Vice President & Corporate Secretary, The 
NASDAQ OMX Group, Inc., dated April 30, 2012; and Jennifer Green 
Setzenfand, Chairman of the Board and James Toes, President and CEO, 
Security Traders Association, dated June 8, 2012.
    \5\ See Securities Exchange Act Release No. 67097 (June 1, 
2012), 77 FR 33794 (June 7, 2012).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-15637 Filed 6-26-12; 8:45 am]
BILLING CODE 8011-01-P
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