Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing of a Proposed Rule Change Relating to Complex Order Auctions, 57173-57175 [2012-22788]
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Federal Register / Vol. 77, No. 180 / Monday, September 17, 2012 / Notices
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
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
such 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:
mstockstill on DSK4VPTVN1PROD with NOTICES
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–2012–085 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–2012–085. 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
VerDate Mar<15>2010
19:43 Sep 14, 2012
Jkt 226001
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–CBOE–
2012–085 and should be submitted on
or before October 9, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–22787 Filed 9–14–12; 8:45 am]
57173
The text of the proposed rule change is
available on the Exchange’s Web site
(https://www.c2exchange.com/Legal/), 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
Statutory Basis for, the Proposed Rule
Change
1. Purpose
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67828; File No. SR–C2–
2012–030]
Self-Regulatory Organizations; C2
Options Exchange, Incorporated;
Notice of Filing of a Proposed Rule
Change Relating to Complex Order
Auctions
September 11, 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
30, 2012, C2 Options Exchange,
Incorporated (‘‘Exchange’’ or ‘‘C2’’) filed
with the Securities and Exchange
Commission (‘‘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 proposed to amend its
Rules regarding complex order auctions.
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00104
Fmt 4703
Sfmt 4703
On a class-by-class basis, the
Exchange may activate the electronic
complex order request for responses
(‘‘RFR’’) auction (‘‘COA’’), which is a
process by which eligible complex
orders3 are given an opportunity for
price improvement before being routed
to the complex order book (‘‘COB’’).
Rule 6.13(c) provides that prior to
routing a complex order to the COB,
eligible complex orders may be subject
to a COA. On receipt of a COA-eligible
order and request from the Participant
representing the order that it be
processed through COA, the Exchange
will send an RFR message to all
Participants who have elected to receive
RFR messages.4 The RFR message
identifies the component series, the size
of the COA-eligible order and any
contingencies, but not the side of the
market. Eligible Participants may then
submit responses to the RFR message
3 An eligible complex order, referred to in Rule
6.13 as a ‘‘COA-eligible order,’’ means
acomplex order that, as determined by the
Exchange on a class-by-class basis, is eligible for a
COA considering the order’s marketability (defined
as a number of ticks away from the current market),
size, complex order type, and complex order origin
type (i.e. non-broker-dealer public customer,
broker-dealers that are not Market-Makers or
specialists on an options exchange, and/or MarketMakers or specialists on an options exchange). All
determinations by the Exchange on COA-eligible
order parameters are announced to Trading Permit
Holders by Regulatory Circular. See Rule
6.13(c)(1)(B) and Interpretation and Policy .01 to
Rule 6.13.
4 See Rule 6.13(c)(2).
E:\FR\FM\17SEN1.SGM
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57174
Federal Register / Vol. 77, No. 180 / Monday, September 17, 2012 / Notices
(‘‘RFR Responses’’) during the Response
Time Interval.5
Responders to the auction, not
knowing the side of the COA order, may
send RFR Responses on both sides of
the market. The System6 only considers
RFR Responses on the opposite side of
the COA order. RFR Responses that are
on the same side as the COA order
cannot trade with it and thus are
unnecessary, and as a result, the System
automatically rejects these RFR
Responses.
The Exchange proposes to amend its
rules to provide that the RFR message
will identify the side of the market of
the COA-eligible order and to clarify
that RFR Responses must be on the
opposite side of the market of the COA
order. Identification of the side of the
market of the COA order in the RFR
message will eliminate the entry of
unnecessary RFR Responses on the
same side of the market of the COA
order that the System automatically
rejects. The Exchange believes that the
proposed rule change will therefore
improve the efficiency of the COA
process by eliminating excess RFR
Responses that can never actually trade
with the COA order. The Exchange
believes that providing this additional
information to Trading Permit Holders
in the RFR message could result in more
meaningful and effective RFR
Responses. RFR Responses that exist at
the end of the Response Time Interval
with respect to COA-eligible orders will
still be firm. The Exchange will
announce the implementation date of
the proposed rule change by Regulatory
Circular to be published no later than 90
days following the effective date. The
implementation date will be no later
mstockstill on DSK4VPTVN1PROD with NOTICES
5 The
Exchange will determine, on a class-byclass basis, which of the following two groups of
Participants may submit responses to the RFR
message (‘‘RFR Responses’’) during the Response
Time Interval: (a) Each Market-Maker registered in
the relevant option class, and each Participant
acting as agent for orders resting at the top of the
COB in the relevant options series; or (b) all
Participants. See Rule 6.13(c)(3). A ‘‘Response Time
Interval’’ means the period of time during which
RFR Responses may be entered, the length of which
is determined by the Exchange on a class-by-class
basis but may not exceed three seconds. See Rule
6.13(c)(3)(B). RFR response sizes will be limited to
the size of the COA-eligible order for allocation
purposes and may be expressed on a net price basis
in a multiple of the minimum increment or in a
smaller increment that may not be less than $0.01,
as determined by the Exchange on a class-by-class
basis. RFR responses are not visible other than by
the COA system. See Rule 6.13(c)(3)(A). Rule
6.13(c)(4) through (8) describes the processing,
execution, and routing of COA-eligible orders, firm
quote requirements for COA-eligible orders, and
handling of unrelated complex orders.
6 The System is the automated trading system
used by the Exchange for the trading of
options contracts.
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19:43 Sep 14, 2012
Jkt 226001
than 180 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.7 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 8 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
the proposed rule change protects
investors and is in the public interest
because it will eliminate the submission
of unnecessary RFR Responses on the
same side of the market as a COA order
(which the System rejects because they
cannot trade with the COA order),
which will ultimately make the COA
process more efficient. The Exchange
believes this added efficiency could
lead to more meaningful and
competitive price RFR Responses,
which responses may result in better
prices for customers.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
C2 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
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:
7 15
8 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00105
Fmt 4703
Sfmt 4703
A. By order approve or disapprove
such 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
• 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–C2–2012–030 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–C2–2012–030. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–C2–
2012–030 and should be submitted on
or before October 9, 2012.
E:\FR\FM\17SEN1.SGM
17SEN1
57175
Federal Register / Vol. 77, No. 180 / Monday, September 17, 2012 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–22788 Filed 9–14–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67831; File No. SR–Phlx–
2012–111]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
Routing Fees to NOM
September 11, 2012.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1, and Rule 19–4 2 thereunder,
notice is hereby given that, on August
31, 2012, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II
and III below, which Items have been
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.
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 adopt
certain Routing Fees to recoup costs
incurred by the Exchange when routing
to the NASDAQ Options Market LLC
(‘‘NOM’’).
While the changes proposed herein
are effective upon filing, the Exchange
has designated these changes to be
operative on September 4, 2012.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://www.nasdaqtrader.com/
micro.aspx?id=PHLXfilings, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this filing is to recoup
costs that the Exchange incurs for
routing and executing certain orders in
equity options to NOM, specifically,
options on Facebook, Inc. (‘‘FB’’),
Google Inc. (‘‘GOOG’’) and Groupon,
Inc. (‘‘GRPN’’).
The Exchange’s Pricing Schedule at
Section V currently includes the
following Routing Fees for routing
Customer, Professional,3 Firm, BrokerDealer, Market Maker 4 and Specialist 5
orders to away markets.
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
Exchange
Customer
NYSE AMEX ................................................................................................................
BATS Penny ................................................................................................................
BATS non-Penny .........................................................................................................
BOX .............................................................................................................................
BX Options ...................................................................................................................
CBOE ...........................................................................................................................
CBOE orders greater than 99 contracts in RUT, RMN, NDX, MNX, ETFs, ETNs
and HOLDRs ............................................................................................................
C2 ................................................................................................................................
ISE ...............................................................................................................................
ISE Select Symbols 13 .................................................................................................
NYSE ARCA (Penny Pilot) ..........................................................................................
NYSE ARCA (Standard) ..............................................................................................
NOM .............................................................................................................................
NOM-MNX ...................................................................................................................
NOM-NDX ....................................................................................................................
Professional
Firm/brokerdealer/specialist/market
maker
$0.11
0.55
0.86
0.11
0.11
0.11
$0.31
0.55
0.91
0.11
0.54
0.31
$0.55
0.55
0.91
0.55
0.54
0.55
0.29
0.55
0.11
0.31
0.55
0.11
0.54
0.56
0.11
0.31
0.56
0.29
0.39
0.55
0.11
0.54
0.56
0.81
0.55
0.55
0.55
0.55
0.55
0.55
0.55
0.55
0.81
13 These fees are applicable to orders routed to ISE that are subject to Rebates and Fees for Adding and Removing Liquidity in Select Symbols. See ISE’s Schedule of Fees for the complete list of symbols that are subject to these fees.
The Exchange is proposing to adopt
NOM Routing Fees when routing
options overlying FB, GOOG and GRPN
to NOM to account for the new NOM
fees for removing liquidity and other
routing costs incurred by the Exchange
when routing to NOM in FB, GOOG and
GRPN, as follows:
mstockstill on DSK4VPTVN1PROD with NOTICES
Exchange
Customer
Professional
Firm/brokerdealer/specialist/market
maker
NOM—FB, GOOG and GRPN ....................................................................................
$0.86
$0.91
$0.91
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 The term ‘‘professional’’ means any person or
entity that (i) is not a broker or dealer in securities,
1 15
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and (ii) places more than 390 orders in listed
options per day on average during a calendar month
for its own beneficial account(s). See Rule
1000(b)(14).
4 A ‘‘Market Maker’’ includes Registered Options
Traders (‘‘ROTs’’) (Rule 1014(b)(i) and (ii), which
PO 00000
Frm 00106
Fmt 4703
Sfmt 4703
include Streaming Quote Traders (‘‘SQTs’’) (See
Rule 1014(b)(ii)(A)) and Remote Streaming Quote
Traders (‘‘RSQTs’’) (See Rule 1014(b)(ii)(B)).
5 A Specialist is an Exchange member who is
registered as an options specialist pursuant to Rule
1020(a).
E:\FR\FM\17SEN1.SGM
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]]>Agencies
[Federal Register Volume 77, Number 180 (Monday, September 17, 2012)]
[Notices]
[Pages 57173-57175]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-22788]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67828; File No. SR-C2-2012-030]
Self-Regulatory Organizations; C2 Options Exchange, Incorporated;
Notice of Filing of a Proposed Rule Change Relating to Complex Order
Auctions
September 11, 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 30, 2012, C2 Options Exchange, Incorporated (``Exchange'' or
``C2'') filed with the Securities and Exchange Commission
(``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 proposed to amend its Rules regarding complex order
auctions. The text of the proposed rule change is available on the
Exchange's Web site (https://www.c2exchange.com/Legal/), 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
Statutory Basis for, the Proposed Rule Change
1. Purpose
On a class-by-class basis, the Exchange may activate the electronic
complex order request for responses (``RFR'') auction (``COA''), which
is a process by which eligible complex orders\3\ are given an
opportunity for price improvement before being routed to the complex
order book (``COB''). Rule 6.13(c) provides that prior to routing a
complex order to the COB, eligible complex orders may be subject to a
COA. On receipt of a COA-eligible order and request from the
Participant representing the order that it be processed through COA,
the Exchange will send an RFR message to all Participants who have
elected to receive RFR messages.\4\ The RFR message identifies the
component series, the size of the COA-eligible order and any
contingencies, but not the side of the market. Eligible Participants
may then submit responses to the RFR message
[[Page 57174]]
(``RFR Responses'') during the Response Time Interval.\5\
---------------------------------------------------------------------------
\3\ An eligible complex order, referred to in Rule 6.13 as a
``COA-eligible order,'' means
acomplex order that, as determined by the Exchange on a class-
by-class basis, is eligible for a COA considering the order's
marketability (defined as a number of ticks away from the current
market), size, complex order type, and complex order origin type
(i.e. non-broker-dealer public customer, broker-dealers that are not
Market-Makers or specialists on an options exchange, and/or Market-
Makers or specialists on an options exchange). All determinations by
the Exchange on COA-eligible order parameters are announced to
Trading Permit Holders by Regulatory Circular. See Rule
6.13(c)(1)(B) and Interpretation and Policy .01 to Rule 6.13.
\4\ See Rule 6.13(c)(2).
\5\ The Exchange will determine, on a class-by-class basis,
which of the following two groups of Participants may submit
responses to the RFR message (``RFR Responses'') during the Response
Time Interval: (a) Each Market-Maker registered in the relevant
option class, and each Participant acting as agent for orders
resting at the top of the COB in the relevant options series; or (b)
all Participants. See Rule 6.13(c)(3). A ``Response Time Interval''
means the period of time during which RFR Responses may be entered,
the length of which is determined by the Exchange on a class-by-
class basis but may not exceed three seconds. See Rule
6.13(c)(3)(B). RFR response sizes will be limited to the size of the
COA-eligible order for allocation purposes and may be expressed on a
net price basis in a multiple of the minimum increment or in a
smaller increment that may not be less than $0.01, as determined by
the Exchange on a class-by-class basis. RFR responses are not
visible other than by the COA system. See Rule 6.13(c)(3)(A). Rule
6.13(c)(4) through (8) describes the processing, execution, and
routing of COA-eligible orders, firm quote requirements for COA-
eligible orders, and handling of unrelated complex orders.
---------------------------------------------------------------------------
Responders to the auction, not knowing the side of the COA order,
may send RFR Responses on both sides of the market. The System\6\ only
considers RFR Responses on the opposite side of the COA order. RFR
Responses that are on the same side as the COA order cannot trade with
it and thus are unnecessary, and as a result, the System automatically
rejects these RFR Responses.
---------------------------------------------------------------------------
\6\ The System is the automated trading system used by the
Exchange for the trading of
options contracts.
---------------------------------------------------------------------------
The Exchange proposes to amend its rules to provide that the RFR
message will identify the side of the market of the COA-eligible order
and to clarify that RFR Responses must be on the opposite side of the
market of the COA order. Identification of the side of the market of
the COA order in the RFR message will eliminate the entry of
unnecessary RFR Responses on the same side of the market of the COA
order that the System automatically rejects. The Exchange believes that
the proposed rule change will therefore improve the efficiency of the
COA process by eliminating excess RFR Responses that can never actually
trade with the COA order. The Exchange believes that providing this
additional information to Trading Permit Holders in the RFR message
could result in more meaningful and effective RFR Responses. RFR
Responses that exist at the end of the Response Time Interval with
respect to COA-eligible orders will still be firm. The Exchange will
announce the implementation date of the proposed rule change by
Regulatory Circular to be published no later than 90 days following the
effective date. The implementation date will be no later than 180 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.\7\ Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \8\ 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
In particular, the Exchange believes the proposed rule change
protects investors and is in the public interest because it will
eliminate the submission of unnecessary RFR Responses on the same side
of the market as a COA order (which the System rejects because they
cannot trade with the COA order), which will ultimately make the COA
process more efficient. The Exchange believes this added efficiency
could lead to more meaningful and competitive price RFR Responses,
which responses may result in better prices for customers.
B. Self-Regulatory Organization's Statement on Burden on Competition
C2 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
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 such 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
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-C2-2012-030 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-C2-2012-030. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-C2-2012-030 and should be
submitted on or before October 9, 2012.
[[Page 57175]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-22788 Filed 9-14-12; 8:45 am]
BILLING CODE 8011-01-P
