Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delete Temporary Rule 6.83, 47146-47147 [2012-19288]

Download as PDF 47146 Federal Register / Vol. 77, No. 152 / Tuesday, August 7, 2012 / Notices 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–2012–78 and should be submitted by August 28, 2012. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–19289 Filed 8–6–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67561; File No. SR–CBOE– 2012–067] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delete Temporary Rule 6.83 August 1, 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 July 27, 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, 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. mstockstill on DSK4VPTVN1PROD with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to delete Temporary Rule 6.83. 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. CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 16:52 Aug 06, 2012 A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose From 2000 to 2009, the Exchange was a participant in the Plan for the Purpose of Creating and Operating an Intermarket Option Linkage (the ‘‘Old Plan’’). That plan achieved intermarket order protection via a spoke-and-hub connectivity structure between options exchanges. The participants of the Old Plan established a new plan to provide a more modern framework for options market order protection and locked/ crossed markets. The new plan is called the Options Order Protection and Locked/Crossed Market Plan (‘‘New Plan’’). SR–CBOE–2009–040 adopted Temporary Rule 6.83 to help transition from the Old Plan to the New Plan and also adopted new rules to implement the New Plan.3 To date, the transition is complete and the New Plan has been implemented. The proposed rule change deletes Rule 6.83, a temporary rule that is now obsolete. The proposed rule change helps maintain clarity in the rules and avoids the potential for any rule confusion. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the ‘‘Act’’) and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.4 Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5)5 requirements that the rules of an exchange be designed to promote just and equitable principles of trade, to prevent fraudulent and manipulative acts, to remove impediments to and to 3 See Securities Exchange Act Release No. 34– 60187 (June 29, 2009), 74 FR 32664 (July 8, 2009) (SR–CBOE–2009–040). 4 15 U.S.C. 78f(b). 16 17 VerDate Mar<15>2010 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. Jkt 226001 PO 00000 Frm 00119 Fmt 4703 Sfmt 4703 perfect the mechanism for a free and open market and a national market system, and, in general, to protect investors and the public interest. Deleting Rule 6.83 provides clarity by abolishing an obsolete rule. This eliminates confusion, thereby removing impediments to, and perfecting the mechanism for a free and open market and a national market system, and, in general, protecting investors and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition CBOE 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 Because the foregoing proposed rule change does not: A. Significantly affect the protection of investors or the public interest; B. impose any significant burden on competition; and C. 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) 6 of the Act and Rule 19b–4(f)(6) 7 thereunder. At any time within 60 days of the filing of this 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 6 15 7 17 E:\FR\FM\07AUN1.SGM U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 07AUN1 Federal Register / Vol. 77, No. 152 / Tuesday, August 7, 2012 / Notices • Send an email to rulecomments@sec.gov. Please include File Number SR–CBOE–2012–067 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–CBOE-2012–067. 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 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–CBOE– 2012–067 and should be submitted on or before August 28, 2012. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Kevin M. O’Neill, Deputy Secretary. mstockstill on DSK4VPTVN1PROD with NOTICES [FR Doc. 2012–19288 Filed 8–6–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67560; File No. SR–CBOE– 2012–072] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update References in Rules August 1, 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 July 26, 2012, 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, 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 update references in the CBOE Rules. 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. 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its Rule 8.7.—Obligations of Market1 15 8 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 16:52 Aug 06, 2012 2 17 Jkt 226001 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00120 Fmt 4703 Makers, Rule 8.51.—Firm Disseminated Market Quotes and Rule 43.14.—Firm Quotations to update references. Each of these rules refers to Rule 11Ac1–1 under the Securities Exchange Act of 1934 (‘‘Exchange Act’’). However, as of August 29, 2005, the Securities and Exchange Commission (the ‘‘Commission’’) adopted new rules under Regulation National Market System (‘‘Regulation NMS’’), which redesignated the national market system rules that previously existed under Rule 11Ac1–1. Therefore, the Exchange proposes to update each of the references to Rule 11Ac1–1. All general references to Rule 11Ac1–1 in CBOE Rules 8.7, 8.51, and 43.14 will now refer to Rule 602 of Regulation NMS. Additionally, the term ‘‘Responsible Broker or Dealer’’ as referenced in CBOE Rule 8.51 as having the meaning prescribed in Rule 11Ac1–1 will now have the meaning prescribed in Rule 600(b)(65) of Regulation NMS (the definition of the term did not substantively change, only the reference). In CBOE Rule 43.14—Firm Quotations, reference to Rule 11Ac1– 1(b)(3), which contains provisions regarding relieving responsible brokers or dealers of obligations in unusual market conditions, will now refer to Rule 602(a)(3) of Regulation NMS (where such provisions are now contained). Additionally, in CBOE Rule 43.14, reference to Rule 11Ac1–1(c)(3), which contains exceptions from execution obligations for responsible brokers and dealers, will now refer to Rule 602(b)(3) of Regulation NMS (where such exceptions are now contained). The Exchange also proposes to add an end-parentheses that was mistakenly left out of the end of paragraph (a)(1) of Rule 8.51. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Act and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.3 Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 4 requirements that the rules of an exchange be designed to promote just and equitable principles of trade, to prevent fraudulent and manipulative acts, to remove impediments to and to perfect the mechanism for a free and open market and a national market system, and, in general, to protect investors and the public interest. 3 15 4 15 Sfmt 4703 47147 E:\FR\FM\07AUN1.SGM U.S.C. 78f(b). U.S.C. 78f(b)(5). 07AUN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 77, Number 152 (Tuesday, August 7, 2012)]
[Notices]
[Pages 47146-47147]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-19288]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67561; File No. SR-CBOE-2012-067]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Delete Temporary Rule 6.83

August 1, 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 July 27, 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, 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.
---------------------------------------------------------------------------

\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 delete Temporary Rule 6.83. 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.

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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
From 2000 to 2009, the Exchange was a participant in the Plan for
the Purpose of Creating and Operating an Intermarket Option Linkage
(the ``Old Plan''). That plan achieved intermarket order protection via
a spoke-and-hub connectivity structure between options exchanges. The
participants of the Old Plan established a new plan to provide a more
modern framework for options market order protection and locked/crossed
markets. The new plan is called the Options Order Protection and
Locked/Crossed Market Plan (``New Plan''). SR-CBOE-2009-040 adopted
Temporary Rule 6.83 to help transition from the Old Plan to the New
Plan and also adopted new rules to implement the New Plan.\3\ To date,
the transition is complete and the New Plan has been implemented. The
proposed rule change deletes Rule 6.83, a temporary rule that is now
obsolete. The proposed rule change helps maintain clarity in the rules
and avoids the potential for any rule confusion.
---------------------------------------------------------------------------

\3\ See Securities Exchange Act Release No. 34-60187 (June 29,
2009), 74 FR 32664 (July 8, 2009) (SR-CBOE-2009-040).
---------------------------------------------------------------------------

2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\4\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5)5 requirements that the rules of an exchange be designed
to promote just and equitable principles of trade, to prevent
fraudulent and manipulative acts, to remove impediments to and to
perfect the mechanism for a free and open market and a national market
system, and, in general, to protect investors and the public interest.
Deleting Rule 6.83 provides clarity by abolishing an obsolete rule.
This eliminates confusion, thereby removing impediments to, and
perfecting the mechanism for a free and open market and a national
market system, and, in general, protecting investors and the public
interest.
---------------------------------------------------------------------------

\4\ 15 U.S.C. 78f(b).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

CBOE 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

Because the foregoing proposed rule change does not:
A. Significantly affect the protection of investors or the public
interest;
B. impose any significant burden on competition; and
C. 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) \6\ of the Act and
Rule 19b-4(f)(6) \7\ thereunder.
---------------------------------------------------------------------------

\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

At any time within 60 days of the filing of this 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

[[Page 47147]]

Send an email to rule-comments@sec.gov. Please include
File Number SR-CBOE-2012-067 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-CBOE-2012-067. 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 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-CBOE-2012-067 and should be
submitted on or before August 28, 2012.
---------------------------------------------------------------------------

\8\ 17 CFR 200.30-3(a)(12).

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-19288 Filed 8-6-12; 8:45 am]
BILLING CODE 8011-01-P

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