Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay the Implementation Date of Changes to Market-Makers' Continuous Quoting Obligations, 49846-49848 [2012-20261]

Download as PDF 49846 Federal Register / Vol. 77, No. 160 / Friday, August 17, 2012 / Notices information for the duration of the investment and for a period of not less than six years thereafter, the first two years in an easily accessible place. 10. Before approving any advisory contract under section 15 of the Act, the board of directors or trustees of each Investing Management Company, including a majority of the disinterested directors or trustees, will find that the advisory fees charged under such contract are based on services provided that will be in addition to, rather than duplicative of, the services provided under the advisory contract(s) of any Fund in which the Investing Management Company may invest. These findings and their basis will be recorded fully in the minute books of the appropriate Investing Management Company. 11. Any sales charges and/or service fees charged with respect to shares of an Investing Fund will not exceed the limits applicable to a fund of funds as set forth in NASD Conduct Rule 2830. 12. No Fund relying on this section 12(d)(1) relief will acquire securities of any investment company or company relying on section 3(c)(1) or 3(c)(7) of the Act in excess of the limits contained in section 12(d)(1)(A) of the Act, except to the extent permitted by exemptive relief from the Commission permitting a Fund to purchase shares of other investment companies for short-term cash management purposes. For the Commission, by the Division of Investment Management, under delegated authority. Jill M. Peterson, Assistant Secretary. SECURITIES AND EXCHANGE COMMISSION erowe on DSK2VPTVN1PROD with NOTICES Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold a Closed Meeting on Wednesday, August 22, 2012 at 2:00 p.m. and Thursday, August 23, 2012 at 2:00 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meetings. Certain staff members who have an interest in the matters also may be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 Jkt 226001 [FR Doc. 2012–20400 Filed 8–15–12; 4:15 pm] BILLING CODE 8011–01–P [Release No. 34–67644; File No. SR–CBOE– 2012–077] BILLING CODE 8011–01–P 15:13 Aug 16, 2012 Dated: August 15, 2012. Elizabeth M. Murphy, Secretary. SECURITIES AND EXCHANGE COMMISSION [FR Doc. 2012–20264 Filed 8–16–12; 8:45 am] VerDate Mar<15>2010 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the scheduled matters at the Closed Meetings. Commissioner Paredes, as duty officer, voted to consider the items listed for the Closed Meetings in closed sessions. The subject matter of the Closed Meeting scheduled for Wednesday, August 22, 2012 will be a litigation matter. The subject matter of the Closed Meeting scheduled for Thursday, August 23, 2012 will be: Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings; and Other matters relating to enforcement proceedings. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551–5400. Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay the Implementation Date of Changes to Market-Makers’ Continuous Quoting Obligations August 13, 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 August 3, 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 and II below, which Items have been prepared by the Exchange. The Commission is U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. Frm 00073 Fmt 4703 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to delay the implementation date of changes to Market-Makers’ continuous quoting obligations. 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. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange recently submitted a proposed rule change to amend Rule 1.1(ccc), ‘‘Continuous Electronic Quotes,’’ to reduce to 90% the percentage of time for which a MarketMaker is required to provide electronic quotes in an appointed option class on a given trading day.3 That filing also included a proposed rule change to amend Rules 8.13, 8.15A, 8.85, and 8.93 to increase to the lesser of 99% or 100% minus one call-put pair the percentage of series in each class in which Preferred Market-Makers, Lead MarketMakers, Designated Primary MarketMakers, and Electronic Designated Primary Market-Makers, respectively (collectively, ‘‘Market-Makers’’), must provide continuous electronic quotes. The Exchange is proposing to delay implementation of these changes to allow Market-Makers more time to make necessary system changes to comply with these new quoting obligations. The Exchange will announce the 3 Securities Exchange Act Release No. 34–67410 (July 11, 2012), 77 FR 42040 (July 17, 2012) (SR– CBOE–2012–064). 1 15 PO 00000 publishing this notice to solicit comments on the proposed rule change from interested persons. Sfmt 4703 E:\FR\FM\17AUN1.SGM 17AUN1 Federal Register / Vol. 77, No. 160 / Friday, August 17, 2012 / Notices implementation date of the proposed rule change in a Regulatory Circular to be published no later than 90 days following the effective date. The implementation date will be no later than 150 days following the effective date. 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.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. In particular, the Exchange believes that delaying the implementation date of these changes to Market-Makers’ continuous quoting obligations to allow Market-Makers to adjust their systems to be consistent with these new obligations will provide efficiencies that will benefit investors and the public interest and encourage more efficient order entry practices by Market-Makers. 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. erowe on DSK2VPTVN1PROD with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 6 and Rule 19b–4(f)(6) thereunder.7 Because the proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on 4 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). 6 15 U.S.C. 78s(b)(3)(A)(iii). 7 17 CFR 240.19b–4(f)(6). 5 15 VerDate Mar<15>2010 18:01 Aug 16, 2012 Jkt 226001 competition; and (iii) become operative prior to 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)(iii) thereunder.9 A proposed rule change filed under Rule 19b–4(f)(6) 10 normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b–4(f)(6)(iii),11 the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposed rule change may become operative immediately upon filing. The Exchange has indicated that delaying the implementation date of the changes to Market-Makers’ continuous quoting obligations will allow additional time for Market-Makers to adjust their systems to be consistent with the amended quoting obligations, which should encourage more efficient order entry practices to the benefit of investors and the public interest. Waiving the 30-day operative delay should help to avoid any confusion that could result if the amendments to the continuous quoting obligations became operative, and then this proposed rule change to delay implementation became operative at a later time. Therefore, the Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest and designates the proposed rule change as operative upon filing.12 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 8 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6)(iii). The Exchange has requested that the Commission waive the requirement that the Exchange provide the Commission written notice of its 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 on which the Exchange filed the proposed rule change pursuant to Rule 19b–4(f)(6)(iii). The Commission hereby grants this request. 10 17 CFR 240.19b–4(f)(6). 11 17 CFR 240.19b–4(f)(6)(iii). 12 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). 9 17 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 49847 investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or 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 • 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–CBOE–2012–077 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–2012–077. 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–CBOE– E:\FR\FM\17AUN1.SGM 17AUN1 49848 Federal Register / Vol. 77, No. 160 / Friday, August 17, 2012 / Notices 2012–077 and should be submitted on or before September 7, 2012. comments on the proposed rule change from interested persons. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Jill M. Peterson, Assistant Secretary. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change National Stock Exchange, Inc. (‘‘NSX’’® or ‘‘Exchange’’) is proposing to modify the text of NSX Rule 11.15 to clarify the manner in which certain orders are routed by the Exchange to other market centers. The text of the proposed rule change is available on the Exchange’s Web site at https://www.nsx.com, at the principal office of the Exchange, and at the Commission’s Public Reference Room. [FR Doc. 2012–20261 Filed 8–16–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67574; File No. SR–CBOE– 2012–069] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to the Extension of the CBSX Individual Stock Trading Pause Pilot Program August 2, 2012. Correction In notice document 2012–19356 appearing on pages 47450–47452 in the issue of Wednesday, August 7, 2012, make the following correction: On page 47450, in the second column, the File No. is corrected to read as set forth above. [FR Doc. C1–2012–19356 Filed 8–16–12; 8:45 am] BILLING CODE 1505–01–D SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67647; File No. SR–NSX– 2012–12] Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Text of NSX Rule 11.15 To Clarify the Manner in Which Certain Orders are Routed by the Exchange to Other Market Centers erowe on DSK2VPTVN1PROD with NOTICES August 14, 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 August 9, 2012, National Stock Exchange, Inc. (‘‘NSX’’ or ‘‘Exchange’’) 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 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 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 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 Exchange currently uses routing logic to direct certain incoming orders to other trading centers for execution in accordance with Rule 11.15(a)(ii) (‘‘Routing to Away Trading Centers’’ for ‘‘Orders Other Than Sweep Orders’’). The Exchange is proposing to amend Rule 11.15(a)(ii) in order to provide that (i) the Exchange may route incoming orders to alternative trading systems, (ii) routed orders may not receive an execution and (iii) limit orders routed pursuant to Rule 11.15(a)(ii) will be routed with a time in force of immediate or cancel (‘‘IOC’’). NSX Rule 11.15(a)(ii) currently provides in clause (B) that, unless the terms of an order direct otherwise, the Exchange will route incoming orders (other than Sweep Orders 3) to ‘‘the applicable trading center for execution against the applicable protected quotation at the Protected NBBO.’’ A Protected NBBO is defined under NSX Rule 1.5(P)(2) as ‘‘the national best bid or offer that is a protected quotation.’’ 13 17 1 15 VerDate Mar<15>2010 15:13 Aug 16, 2012 3 A Sweep Order is defined in NSX Rule 11.11(c)(7). Jkt 226001 PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 The Exchange proposes to amend the language in Rule 11.15(a)(ii)(A) and (B) to explicitly provide that incoming orders may be routed to any ‘‘Trading Center’’ which is defined by the Exchange under NSX Rule 2.11(a) to include alternative trading systems.4 The Exchange further proposes to clarify that the Exchange’s Routing Logic determines the venue or venues to which an order may be routed. ‘‘Routing Logic’’ will be defined under Rule 1.5(R)(2) as ‘‘the methodology used to determine the Trading Center to which an incoming order will be directed for potential execution.’’ The Exchange is also proposing to add subsection (C) to NSX Rule 11.15(a)(ii) which will clarify that the Exchange may alter the Routing Logic without notice.5 The Exchange also proposes to amend 11.15(a)(ii)(A) and (B) by modifying the phrase ‘‘for execution’’ to ‘‘for potential execution’’ in order to clarify the fact that a routed order may not necessarily receive an execution at the away Trading Center. Finally, the references to converted and routed ‘‘limit orders’’ in Rule 11.15(a)(ii)(A) and (B) are proposed to be modified as ‘‘limit IOC Orders’’ in order to clarify that such orders are routed with a time in force of immediate-or-cancel. The proposed amendments benefit Equity Trading Permit (‘‘ETP’’) Holders by providing them with additional information regarding the Exchange’s order routing process. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with Section 6 of the Act,6 and the rules and regulations thereunder and, in particular, the requirements of Section 6(b) of the Act.7 Specifically, the Exchange believes the modification of Rule 11.15 furthers the objective of Section 6(b)(5) of the Act because it clearly explains the potential venues to which the Exchange may route orders. The proposed amendments clarify how the Exchange routes incoming orders other than Sweep Orders. Accordingly, the Exchange believes that the proposed rule change promotes just and equitable 4 See NSX Rule 2.11(a) which defines a ‘‘Trading Center’’ as ‘‘other securities exchanges, facilities of securities exchanges, automated trading systems, electronic communications networks or other brokers or dealers.’’ 5 The Exchange currently offers a single routing option through its subsidiary broker-dealer, NSX Securities LLC (‘‘NSXS’’), which entity may engage one or more third-party routing broker-dealers to route orders, at the direction of the Exchange, to away Trading Centers. 6 15 U.S.C. 78f. 7 15 U.S.C. 78f(b). E:\FR\FM\17AUN1.SGM 17AUN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 77, Number 160 (Friday, August 17, 2012)]
[Notices]
[Pages 49846-49848]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-20261]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67644; File No. SR-CBOE-2012-077]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Delay the Implementation Date of Changes to
Market-Makers' Continuous Quoting Obligations

August 13, 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 August 3, 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 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 delay the implementation date of changes
to Market-Makers' continuous quoting obligations.
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.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
The Exchange recently submitted a proposed rule change to amend
Rule 1.1(ccc), ``Continuous Electronic Quotes,'' to reduce to 90% the
percentage of time for which a Market-Maker is required to provide
electronic quotes in an appointed option class on a given trading
day.\3\ That filing also included a proposed rule change to amend Rules
8.13, 8.15A, 8.85, and 8.93 to increase to the lesser of 99% or 100%
minus one call-put pair the percentage of series in each class in which
Preferred Market-Makers, Lead Market-Makers, Designated Primary Market-
Makers, and Electronic Designated Primary Market-Makers, respectively
(collectively, ``Market-Makers''), must provide continuous electronic
quotes.
---------------------------------------------------------------------------

\3\ Securities Exchange Act Release No. 34-67410 (July 11,
2012), 77 FR 42040 (July 17, 2012) (SR-CBOE-2012-064).
---------------------------------------------------------------------------

The Exchange is proposing to delay implementation of these changes
to allow Market-Makers more time to make necessary system changes to
comply with these new quoting obligations. The Exchange will announce
the

[[Page 49847]]

implementation date of the proposed rule change in a Regulatory
Circular to be published no later than 90 days following the effective
date. The implementation date will be no later than 150 days following
the effective date.
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.\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.
---------------------------------------------------------------------------

\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

In particular, the Exchange believes that delaying the
implementation date of these changes to Market-Makers' continuous
quoting obligations to allow Market-Makers to adjust their systems to
be consistent with these new obligations will provide efficiencies that
will benefit investors and the public interest and encourage more
efficient order entry practices by Market-Makers.

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

The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \6\ and Rule 19b-4(f)(6) thereunder.\7\
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 prior to
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)(iii) thereunder.\9\
---------------------------------------------------------------------------

\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 17 CFR 240.19b-4(f)(6).
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6)(iii). The Exchange has requested that
the Commission waive the requirement that the Exchange provide the
Commission written notice of its 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 on which the
Exchange filed the proposed rule change pursuant to Rule 19b-
4(f)(6)(iii). The Commission hereby grants this request.
---------------------------------------------------------------------------

A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\11\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest.
---------------------------------------------------------------------------

\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

The Exchange has asked the Commission to waive the 30-day operative
delay so that the proposed rule change may become operative immediately
upon filing. The Exchange has indicated that delaying the
implementation date of the changes to Market-Makers' continuous quoting
obligations will allow additional time for Market-Makers to adjust
their systems to be consistent with the amended quoting obligations,
which should encourage more efficient order entry practices to the
benefit of investors and the public interest. Waiving the 30-day
operative delay should help to avoid any confusion that could result if
the amendments to the continuous quoting obligations became operative,
and then this proposed rule change to delay implementation became
operative at a later time. Therefore, the Commission believes that
waiving the 30-day operative delay is consistent with the protection of
investors and the public interest and designates the proposed rule
change as operative upon filing.\12\
---------------------------------------------------------------------------

\12\ 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).
---------------------------------------------------------------------------

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. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or 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

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-CBOE-2012-077 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-2012-077. 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-CBOE-

[[Page 49848]]

2012-077 and should be submitted on or before September 7, 2012.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2012-20261 Filed 8-16-12; 8:45 am]
BILLING CODE 8011-01-P

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