Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the Post-Only Order Type on BX Options, 46139-46141 [2012-18892]
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mstockstill on DSK4VPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 149 / Thursday, August 2, 2012 / Notices
retail order flow to a public market. The
Exchange also believes applying
standard non-Retail Order rates to Retail
Orders that execute against the Book or
that are routed away from the Exchange
and executed on another market is
reasonable, equitable and not unfairly
discriminatory because these are the
rates that would apply to such orders,
but for the Retail Order designation. The
Exchange also believes that not charging
RLPs that satisfy the percentage
requirement of NYSE Rule 107(C)(f) for
their executions of RPIs is reasonable,
equitable and not unfairly
discriminatory because it will
incentivize member organizations to
become RLPs and therefore could result
in greater price improvement for Retail
Orders. Similarly, the Exchange believes
that not charging non-RLP member
organizations that execute an ADV of at
least 500,000 shares of RPIs during the
month for their executions of RPIs is
reasonable, equitable and not unfairly
discriminatory because it will
incentivize such non-RLPs to submit
RPIs for interaction with Retail Orders.
Conversely, the Exchange believes that
charging RLPs and non-RLP member
organizations that do not satisfy the
percentage requirements of NYSE Rule
107(C)(f) and the 500,000 share ADV
threshold, respectively, is reasonable,
equitable and not unfairly
discriminatory because it will
incentivize RLPs and non-RLPs to
submit RPIs and, therefore, contribute to
robust amounts of RPI liquidity being
available for interaction with the Retail
Orders submitted by RMOs.
While the Exchange believes that
markets and price discovery optimally
function through the interactions of
diverse flow types, it also believes that
growth in internalization has required
differentiation of retail order flow from
other order flow types. The pricing
proposed herein, like the Retail
Liquidity Program itself, is not designed
to permit unfair discrimination, but
instead to promote a competitive
process around retail executions such
that retail investors would receive better
prices than they currently do through
bilateral internalization arrangements.
The Exchange believes that the
transparency and competitiveness of
operating a program such as the Retail
Liquidity Program on an exchange
market, and the pricing related thereto,
would result in better prices for retail
investors.
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
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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
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 16 of the Act and
subparagraph (f)(2) of Rule 19b–4 17
thereunder, because it establishes a due,
fee, or other charge imposed by NYSE.
At any time within 60 days of the
filing of such 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 rulecomments@sec.gov. Please include File
Number SR–NYSE–2012–30 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–NYSE–2012–30. 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 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
publicly available. All submissions
should refer to File Number SR–NYSE–
2012–30 and should be submitted on or
before August 23, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–18894 Filed 8–1–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67517; File No. SR–BX–
2012–057]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Modify the
Post-Only Order Type on BX Options
July 27, 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 July 24,
2012, NASDAQ OMX BX, Inc. (‘‘BX’’ or
the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) a 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.
18 17
16 15
U.S.C. 78s(b)(3)(A).
17 17 CFR 240.19b–4(f)(2).
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46139
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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46140
Federal Register / Vol. 77, No. 149 / Thursday, August 2, 2012 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
A proposal for the BX Options market
(‘‘BX Options’’) to add an additional
feature to the Post-Only Order type.
The text of the proposed rule change
is available at https://nasdaqomxbx.
cchwallstreet.com/, at BX’s principal
office, and at the Commission’s Public
Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
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 III 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
mstockstill on DSK4VPTVN1PROD with NOTICES
1. Purpose
A Post-Only Order is an order that
will not remove liquidity from the
System and is to be ranked and
executed on the Exchange or cancelled,
as appropriate, without routing away to
another market.3 Currently, Post-Only
Orders are evaluated at the time of entry
with respect to locking or crossing other
orders as follows: (i) If a Post-Only
Order would lock or cross an order on
the System, the order will be re-priced
to $.01 below the current low offer (for
bids) or above the current best bid (for
offers) and displayed by the System at
one minimum price increment below
the current low offer (for bids) or above
the current best bid (for offers); and (ii)
if a Post-Only Order would not lock or
cross an order on the System but would
lock or cross the National Best Bid or
Offer (‘‘NBBO’’) as reflected in the
protected quotation of another market
center, the order will be handled
pursuant to Chapter VI, Section
7(b)(3)(C).4 Post-Only Orders received
3 See
BX Options Rules, Chapter VI, Section
1(e)(11). Securities Exchange Act Release No. 67256
(June 26, 2012), 77 FR 39277 (July 2, 2012) (SR–BX–
2012–030) (Approving the establishment of the BX
Options market).
4 An order will not be executed at a price that
trades through another market or displayed at a
price that would lock or cross another market. An
order that is designated by the member as routable
will be routed in compliance with applicable Trade-
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prior to the opening cross or after
market close will be rejected. Post-Only
Orders may not have a time-in-force
designation of Good Til Cancelled or
Immediate or Cancel.
At this time, the Exchange proposes to
permit firms to have their Post-Only
Orders returned whenever the order
would lock or cross the NBBO.5
Similarly, if the Post-Only Order would
be placed on the book at a price other
than its limit price, if the Participant so
chooses, it will be returned. This
includes situations where the Post-Only
Order would lock or cross another order
on the System, but also covers any
situation where order is placed on the
book at a price other than its limit price.
The Exchange believes that this
implementation will satisfy the needs of
its Participants, because it will give
them greater control over the
circumstances in which their orders are
executed. The Exchange will announce
the implementation date to its
membership by Options Trader Alert.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 6 in general, and furthers the
objectives of Section 6(b)(5) of the Act 7
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
mechanisms of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest. BX believes that
permitting Participants to have PostOnly Orders returned is consistent with
just and equitable principles of trade
and protects investors and the public
interest, because Participants, who have
requested this feature, may prefer to
submit the order to another options
exchange, for fee or other reasons, rather
than leave the order on BX Options.
Additionally, a Participant may expect
the order to post at its limit price based
on its view of the current state of the
market. Due to its dynamic nature,
however, the state of the market may
change by the time the order is received
Through and Locked and Crossed Markets
restrictions. An order that is designated by a
member as non-routable will be re-priced in order
to comply with applicable Trade-Through and
Locked and Crossed Markets restrictions.
5 If the Participant does not affirmatively elect the
return feature, the default setting is that the PostOnly Order will not be returned by the new feature,
but will instead be handled under the existing rule.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
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by BX Options, resulting in the order
being placed on the book at a price other
than its limit price. In this case, the
Participant would rather have the order
returned so that it can reevaluate the
market and make a new routing
decision. In order to accommodate this
request, BX is proposing the new feature
for returning Post-Only Orders. The
purpose of the Post-Only Order is to
avoid removing liquidity and the
resulting execution costs; with the
proposed ability to have the order
returned, Participants should have
greater control over the execution and
display of such order.
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 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
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
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 for 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 8 and Rule 19b–4(f)(6)
thereunder.9 At any time within 60 days
of the filing of such 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
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). As required under Rule
19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file
the proposed rule change along with a brief
description and the 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.
9 17
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Federal Register / Vol. 77, No. 149 / Thursday, August 2, 2012 / Notices
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:
[FR Doc. 2012–18892 Filed 8–1–12; 8:45 am]
Electronic Comments
BILLING CODE 8011–01–P
• 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–BX–2012–057 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.
mstockstill on DSK4VPTVN1PROD with NOTICES
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Kevin M. O’Neill,
Deputy Secretary.
All submissions should refer to File
Number SR–BX–2012–057. 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
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. 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–BX–
2012–057 and should be submitted on
or before August 23, 2012.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67515; File No. SR–Phlx–
2012–96]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Update the
Trading Floor Qualification
Examination
July 27, 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 July 13,
2012, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
a 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
Phlx proposes to revise its floor
qualification examination. Specifically,
the Exchange proposes to delete
obsolete questions, revise outdated
questions and add several new
questions.
The text of the proposed rule change
is available at https://
nasdaqomxphlx.cchwallstreet.com, at
Phlx’s principal office, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
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.
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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46141
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 the proposed rule
change is to improve the Exchange’s
program for qualification of members by
updating its floor qualification
examination. The Exchange has
employed a written floor qualification
examination, which is required for
persons seeking to act as members on
the trading floor,3 for many years. The
examination was last amended in late
2010.4
At this time, the Exchange proposes to
update the exam in a variety of ways.
The exam would continue to be
comprised of 100 questions, randomly
and electronically selected from a
question bank of approximately 172
questions. The floor qualification
examination is administered by the
Exchange’s membership department,
and requires a passing score of 70
during a 75 minute testing period.
In terms of outdated questions, the
Exchange proposes to delete about 19
obsolete or confusing questions, mostly
pertaining to manual trading, which is
less prevalent today. The Exchange
proposes to modify approximately 38
questions to make various minor
corrections and clarifications reflecting
changes over time. Similarly, the
Exchange proposes to add
approximately 17 new questions
generally covering Qualified Contingent
Cross Orders, Complex Orders, Remote
Specialists, and price improvement.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 5 in general, and furthers the
objectives of Section 6(b)(5) of the Act 6
in particular, in that it is designed to
prevent fraudulent and manipulative
acts and practices, 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
3 See Rules 620(a) and 901(c). See also Rule 1061
applicable to Floor Brokers.
4 See Securities Exchange Act Release No. 63603
(December 22, 2010), 75 FR 82419 (December 30,
2010) (SR–Phlx–2010–180). See also Securities
Exchange Act Release No. 33304 (December 9,
1993), 58 FR 65613 (December 15, 1993) (SR–Phlx–
92–34).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
E:\FR\FM\02AUN1.SGM
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]]>Agencies
[Federal Register Volume 77, Number 149 (Thursday, August 2, 2012)]
[Notices]
[Pages 46139-46141]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-18892]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67517; File No. SR-BX-2012-057]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Modify
the Post-Only Order Type on BX Options
July 27, 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 July 24, 2012, NASDAQ OMX BX, Inc. (``BX'' or the ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') a
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.
---------------------------------------------------------------------------
[[Page 46140]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
A proposal for the BX Options market (``BX Options'') to add an
additional feature to the Post-Only Order type.
The text of the proposed rule change is available at https://nasdaqomxbx.cchwallstreet.com/, at BX's principal office, and at the
Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the 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 III 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 Post-Only Order is an order that will not remove liquidity from
the System and is to be ranked and executed on the Exchange or
cancelled, as appropriate, without routing away to another market.\3\
Currently, Post-Only Orders are evaluated at the time of entry with
respect to locking or crossing other orders as follows: (i) If a Post-
Only Order would lock or cross an order on the System, the order will
be re-priced to $.01 below the current low offer (for bids) or above
the current best bid (for offers) and displayed by the System at one
minimum price increment below the current low offer (for bids) or above
the current best bid (for offers); and (ii) if a Post-Only Order would
not lock or cross an order on the System but would lock or cross the
National Best Bid or Offer (``NBBO'') as reflected in the protected
quotation of another market center, the order will be handled pursuant
to Chapter VI, Section 7(b)(3)(C).\4\ Post-Only Orders received prior
to the opening cross or after market close will be rejected. Post-Only
Orders may not have a time-in-force designation of Good Til Cancelled
or Immediate or Cancel.
---------------------------------------------------------------------------
\3\ See BX Options Rules, Chapter VI, Section 1(e)(11).
Securities Exchange Act Release No. 67256 (June 26, 2012), 77 FR
39277 (July 2, 2012) (SR-BX-2012-030) (Approving the establishment
of the BX Options market).
\4\ An order will not be executed at a price that trades through
another market or displayed at a price that would lock or cross
another market. An order that is designated by the member as
routable will be routed in compliance with applicable Trade-Through
and Locked and Crossed Markets restrictions. An order that is
designated by a member as non-routable will be re-priced in order to
comply with applicable Trade-Through and Locked and Crossed Markets
restrictions.
---------------------------------------------------------------------------
At this time, the Exchange proposes to permit firms to have their
Post-Only Orders returned whenever the order would lock or cross the
NBBO.\5\ Similarly, if the Post-Only Order would be placed on the book
at a price other than its limit price, if the Participant so chooses,
it will be returned. This includes situations where the Post-Only Order
would lock or cross another order on the System, but also covers any
situation where order is placed on the book at a price other than its
limit price. The Exchange believes that this implementation will
satisfy the needs of its Participants, because it will give them
greater control over the circumstances in which their orders are
executed. The Exchange will announce the implementation date to its
membership by Options Trader Alert.
---------------------------------------------------------------------------
\5\ If the Participant does not affirmatively elect the return
feature, the default setting is that the Post-Only Order will not be
returned by the new feature, but will instead be handled under the
existing rule.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \6\ in general, and furthers the objectives of Section
6(b)(5) of the Act \7\ 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 mechanisms of a free and open
market and a national market system, and, in general, to protect
investors and the public interest. BX believes that permitting
Participants to have Post-Only Orders returned is consistent with just
and equitable principles of trade and protects investors and the public
interest, because Participants, who have requested this feature, may
prefer to submit the order to another options exchange, for fee or
other reasons, rather than leave the order on BX Options. Additionally,
a Participant may expect the order to post at its limit price based on
its view of the current state of the market. Due to its dynamic nature,
however, the state of the market may change by the time the order is
received by BX Options, resulting in the order being placed on the book
at a price other than its limit price. In this case, the Participant
would rather have the order returned so that it can reevaluate the
market and make a new routing decision. In order to accommodate this
request, BX is proposing the new feature for returning Post-Only
Orders. The purpose of the Post-Only Order is to avoid removing
liquidity and the resulting execution costs; with the proposed ability
to have the order returned, Participants should have greater control
over the execution and display of such order.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 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 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
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
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 for 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 \8\ and Rule 19b-4(f)(6)
thereunder.\9\ At any time within 60 days of the filing of such
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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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change along with a
brief description and the 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.
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
[[Page 46141]]
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-BX-2012-057 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-BX-2012-057. 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
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. 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-BX-2012-057 and should be
submitted on or before August 23, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-18892 Filed 8-1-12; 8:45 am]
BILLING CODE 8011-01-P
