Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the P.M.-Settled S&P 500 Index Option Product Pilot Program, 60504-60506 [2012-24290]
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60504
Federal Register / Vol. 77, No. 192 / Wednesday, October 3, 2012 / Notices
Systems Issue experienced by the
Exchange, and not solely under
circumstances where DE Route was
acting as the Exchange’s Outbound
Router. Thus, regardless whether the
error position resulted from an
execution on the Exchange or at a
Trading Center,14 Rule 2.11(a)(7) would
continue to provide a consistent
methodology for handling such error
position in a manner that did not
discriminate among Members, and
would continue to require DE Route to
establish controls reasonably designed
to restrict the flow of any confidential
information associated with the
liquidation of an error position.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
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 has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing 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 after the date of
the filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 15 and Rule 19b–
4(f)(6) 16 thereunder.
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
14 As
defined in EDGX Rule 2.11(a).
U.S.C. 78s(b)(3)(A).
16 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
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. The Exchange has satisfied this
requirement.
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15 15
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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
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–24292 Filed 10–2–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67939; File No. SR–C2–
2012–033]
• 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–
EDGX–2012–43 on the subject line.
Self-Regulatory Organizations; C2
Options Exchange, Incorporated;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Extend the P.M.-Settled
S&P 500 Index Option Product Pilot
Program
Paper Comments
September 27, 2012.
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
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
September 19, 2012, C2 Options
Exchange, Incorporated (the ‘‘Exchange’’
or ‘‘C2’’) 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.
All submissions should refer to File
Number SR–EDGX–2012–43. 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–EDGX–
2012–43 and should be submitted on or
before October 24, 2012.
PO 00000
Frm 00132
Fmt 4703
Sfmt 4703
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to extend a
pilot program. The text of the proposed
rule change is available on the
Exchange’s Web site (https://
www.c2exchange.com/Legal/), at the
Commission’s Web site (https://
www.sec.gov), 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
17 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\03OCN1.SGM
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Federal Register / Vol. 77, No. 192 / Wednesday, October 3, 2012 / Notices
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
erowe on DSK2VPTVN1PROD with
1. Purpose
On September 2, 2011, the
Commission approved, on a pilot basis,
the Exchange’s proposal to list and trade
p.m.-settled, cash-settled S&P 500 index
options with third-Friday-of-the-month
expiration dates (‘‘Expiration Friday’’)
for which the exercise settlement value
was to be based on the index value
derived from the closing prices of
component securities, for an initial
period of fourteen months (the ‘‘Pilot
Program’’).3 The proposed contract
(referred to as ‘‘SPXPM’’) is traded using
a $100 multiplier, and the minimum
trading increment is $0.05 for options
trading below $3.00 and $0.10 for all
other series. Strike price intervals are set
no less than 5 points apart. Consistent
with existing rules for index options,
the Exchange has allowed up to twelve
near-term expiration months, as well as
LEAPS. Expiration processing has
occurred on the Saturday following
Expiration Friday. The product has
European-style exercise and is not
subject to position limits, though there
are enhanced reporting requirements.
All of these specifications are in
accordance with those described in the
Approving Release.
As part of the Pilot Program, the
Exchange committed to submit a pilot
program report to the Commission at
least two months prior to the expiration
date of the Pilot Program (the ‘‘Annual
Report’’), as well as periodic interim
reports. The Exchange recently
submitted this Annual Report, which
contains an analysis of volume, open
interest, and trading patterns. The
analysis examines trading in the
proposed option product as well as
trading in the securities that comprise
the S&P 500 index. In addition to the
Annual Report, the Exchange has
provided the Commission with periodic
interim reports while the Pilot Program
has been in effect.
In trading SPXPM according to the
specifications described above, and
submitting the Annual Report as well as
3 See Securities Exchange Act Release No. 65256
(September 2, 2011), 76 FR 55969 (September 9,
2011) (SR–C2–2011–008) (the ‘‘Approving
Release’’). See also Securities Exchange Act Release
No. 65521 (October 7, 2011), 76 FR 63973 (October
14, 2011) (SR–C2–2011–029), which inserted
‘‘November 2, 2012’’ (fourteen months after
September 2, 2011) as the conclusion date for this
initial period of the Pilot Program.
VerDate Mar<15>2010
15:03 Oct 02, 2012
Jkt 229001
periodic interim reports regarding the
Pilot Program, the Exchange has
complied with the requirements of the
Approving Release. During the Pilot
Program, the Exchange experienced no
problems with or issues regarding the
trading of SPXPM. Further, SPXPM has
been a popular product among
investors, and the Exchange expects it to
continue to be a valuable offering for
investors.
The initial period for the Pilot
Program is scheduled to conclude on
November 2, 2012.4 The Exchange
hereby proposes to extend the duration
of this Pilot Program for one year, until
November 2, 2013. Extending the Pilot
Program by one year will give the
Commission more time to consider the
impact of the Pilot Program. The
Exchange will continue to submit to the
Commission annual and interim reports
pursuant to the requirements provided
in the Approving Release. In addition to
these requirements, the Exchange will
provide an analysis of the distribution
of trade sizes for SPX in the Annual
Report, and will work with the
Commission in providing additional
data, as needed, to evaluate the Pilot
Program.
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.5 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 6 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.
The Exchange believes that the
trading of SPXPM in the manner in
which it has been traded, and would
continue to be traded, under the Pilot
Program has not and does not raise any
meaningful regulatory concerns.
Further, the Exchange believes that such
trading has not, and will not adversely
impact fair and orderly markets on
Expiration Fridays for the underlying
stocks comprising the S&P 500 index.
Additionally, the trading of SPXPM
provides investors with additional
4 See Securities Exchange Act Release No. 65521
(October 7, 2011), 76 FR 63973 (October 14, 2011)
(SR–C2–2011–029).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00133
Fmt 4703
Sfmt 4703
60505
opportunities to trade S&P 500 options
with a p.m.-settlement feature in an
exchange environment and subject to
transparent exchange-based rules. The
Exchange also believes that investors
benefit from the opportunity to trade in
association with this product on
Expiration Fridays, thereby removing
impediments to a free and open market
consistent with the Act.
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
Because the foregoing 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 after the date of
the filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to 19(b)(3)(A)
of the Act 7 and Rule 19b–4(f)(6) 8
thereunder.
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.
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:
7 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
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. The Exchange has satisfied this
requirement.
8 17
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60506
Federal Register / Vol. 77, No. 192 / Wednesday, October 3, 2012 / Notices
Electronic Comments
DEPARTMENT OF STATE
• 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
No. SR–C2–2012–033 on the subject
line.
DEPARTMENT OF TRANSPORTATION
[Public Notice 8051]
Federal Highway Administration
[Docket No. FHWA–2012–0080]
Culturally Significant Objects Imported
for Exhibition Determinations: ‘‘Light
and Shadows: The Story of Iranian
Jews’’
Notice is hereby given of the
following determinations: Pursuant to
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
October 1, 1999, Delegation of Authority
No. 236–3 of August 28, 2000 (and, as
appropriate, Delegation of Authority No.
257 of April 15, 2003), I hereby
determine that certain of the objects to
be included in the exhibition ‘‘Light and
Shadows: The Story of Iranian Jews,’’
imported from abroad for temporary
exhibition within the United States, are
of cultural significance. These objects
are imported pursuant to a loan
agreement with the foreign owner or
custodian. I also determine that the
exhibition or display of these exhibit
objects at the Fowler Museum at UCLA,
Los Angeles, CA, from on or about
October 21, 2012, until on or about
March 10, 2013, and at possible
additional exhibitions or venues yet to
be determined, is in the national
interest. I have ordered that Public
Notice of these Determinations be
published in the Federal Register.
SUMMARY:
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 No.
SR–C2–2012–033. 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
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 C2. 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 No.
SR–C2–2012–033 and should be
submitted on or before October 24,
2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Kevin M. O’Neill,
Deputy Secretary.
For
further information, including a list of
the objects covered by this notice,
contact Julie Simpson, AttorneyAdviser, Office of the Legal Adviser,
U.S. Department of State (telephone:
202–632–6467). The mailing address is
U.S. Department of State, SA–5, L/PD,
Fifth Floor (Suite 5H03), Washington,
DC 20522–0505.
FOR FURTHER INFORMATION CONTACT:
Dated: September 28, 2012.
J. Adam Ereli,
Principal Deputy Assistant Secretary, Bureau
of Educational and Cultural Affairs,
Department of State.
[FR Doc. 2012–24435 Filed 10–2–12; 8:45 am]
BILLING CODE 4710–05–P
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[FR Doc. 2012–24290 Filed 10–2–12; 8:45 am]
BILLING CODE 8011–01–P
9 17
CFR 200.30–3(a)(12).
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Agency Information Collection
Activities: Request for Comments for a
New Information Collection
Federal Highway
Administration (FHWA), DOT.
ACTION: Notice and request for
comments.
AGENCY:
FHWA invites public
comments about our intention to request
the Office of Management and Budget’s
(OMB) approval for a new information
collection, which is summarized below
under SUPPLEMENTARY INFORMATION. We
published a Federal Register Notice
with a 60-day public comment period
on this information collection on June
22, 2012. We are required to publish
this notice in the Federal Register by
the Paperwork Reduction Act of 1995.
DATES: Please submit comments by
November 2, 2012.
ADDRESSES: You may send comments
within 30 days to the Office of
Information and Regulatory Affairs,
Office of Management and Budget, 725
17th Street NW., Washington, DC 20503,
Attention DOT Desk Officer. You are
asked to comment on any aspect of this
information collection, including: (1)
Whether the proposed collection is
necessary for the FHWA’s performance;
(2) the accuracy of the estimated
burden; (3) ways for the FHWA to
enhance the quality, usefulness, and
clarity of the collected information; and
(4) ways that the burden could be
minimized, including the use of
electronic technology, without reducing
the quality of the collected information.
All comments should include the
Docket number FHWA–2012–0080.
FOR FURTHER INFORMATION CONTACT:
Michael Howell, (202) 366–5707, Office
Administration, Information
Technology Division, Federal Highway
Administration, Department of
Transportation, 1200 New Jersey
Avenue SE., Washington, DC 20590.
Office hours are from 8 a.m. to 5 p.m.,
Monday through Friday, except Federal
holidays.
SUPPLEMENTARY INFORMATION:
Title: Customer Satisfaction Surveys.
Background: Executive Order 12862,
‘‘Setting Customer Service Standards’’
requires that federal agencies provide
the highest quality service to our
customers by identifying them and
determining what they think about our
existing services and products. The
surveys covered in the existing generic
SUMMARY:
E:\FR\FM\03OCN1.SGM
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]]>Agencies
[Federal Register Volume 77, Number 192 (Wednesday, October 3, 2012)]
[Notices]
[Pages 60504-60506]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-24290]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67939; File No. SR-C2-2012-033]
Self-Regulatory Organizations; C2 Options Exchange, Incorporated;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Extend the P.M.-Settled S&P 500 Index Option Product Pilot Program
September 27, 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 September 19, 2012, C2 Options Exchange, Incorporated (the
``Exchange'' or ``C2'') 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 extend a pilot program. The text of the
proposed rule change is available on the Exchange's Web site (https://www.c2exchange.com/Legal/), at the Commission's Web site (https://www.sec.gov), 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
[[Page 60505]]
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
On September 2, 2011, the Commission approved, on a pilot basis,
the Exchange's proposal to list and trade p.m.-settled, cash-settled
S&P 500 index options with third-Friday-of-the-month expiration dates
(``Expiration Friday'') for which the exercise settlement value was to
be based on the index value derived from the closing prices of
component securities, for an initial period of fourteen months (the
``Pilot Program'').\3\ The proposed contract (referred to as ``SPXPM'')
is traded using a $100 multiplier, and the minimum trading increment is
$0.05 for options trading below $3.00 and $0.10 for all other series.
Strike price intervals are set no less than 5 points apart. Consistent
with existing rules for index options, the Exchange has allowed up to
twelve near-term expiration months, as well as LEAPS. Expiration
processing has occurred on the Saturday following Expiration Friday.
The product has European-style exercise and is not subject to position
limits, though there are enhanced reporting requirements. All of these
specifications are in accordance with those described in the Approving
Release.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 65256 (September 2,
2011), 76 FR 55969 (September 9, 2011) (SR-C2-2011-008) (the
``Approving Release''). See also Securities Exchange Act Release No.
65521 (October 7, 2011), 76 FR 63973 (October 14, 2011) (SR-C2-2011-
029), which inserted ``November 2, 2012'' (fourteen months after
September 2, 2011) as the conclusion date for this initial period of
the Pilot Program.
---------------------------------------------------------------------------
As part of the Pilot Program, the Exchange committed to submit a
pilot program report to the Commission at least two months prior to the
expiration date of the Pilot Program (the ``Annual Report''), as well
as periodic interim reports. The Exchange recently submitted this
Annual Report, which contains an analysis of volume, open interest, and
trading patterns. The analysis examines trading in the proposed option
product as well as trading in the securities that comprise the S&P 500
index. In addition to the Annual Report, the Exchange has provided the
Commission with periodic interim reports while the Pilot Program has
been in effect.
In trading SPXPM according to the specifications described above,
and submitting the Annual Report as well as periodic interim reports
regarding the Pilot Program, the Exchange has complied with the
requirements of the Approving Release. During the Pilot Program, the
Exchange experienced no problems with or issues regarding the trading
of SPXPM. Further, SPXPM has been a popular product among investors,
and the Exchange expects it to continue to be a valuable offering for
investors.
The initial period for the Pilot Program is scheduled to conclude
on November 2, 2012.\4\ The Exchange hereby proposes to extend the
duration of this Pilot Program for one year, until November 2, 2013.
Extending the Pilot Program by one year will give the Commission more
time to consider the impact of the Pilot Program. The Exchange will
continue to submit to the Commission annual and interim reports
pursuant to the requirements provided in the Approving Release. In
addition to these requirements, the Exchange will provide an analysis
of the distribution of trade sizes for SPX in the Annual Report, and
will work with the Commission in providing additional data, as needed,
to evaluate the Pilot Program.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 65521 (October 7,
2011), 76 FR 63973 (October 14, 2011) (SR-C2-2011-029).
---------------------------------------------------------------------------
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.\5\ Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \6\ 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.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that the trading of SPXPM in the manner in
which it has been traded, and would continue to be traded, under the
Pilot Program has not and does not raise any meaningful regulatory
concerns. Further, the Exchange believes that such trading has not, and
will not adversely impact fair and orderly markets on Expiration
Fridays for the underlying stocks comprising the S&P 500 index.
Additionally, the trading of SPXPM provides investors with additional
opportunities to trade S&P 500 options with a p.m.-settlement feature
in an exchange environment and subject to transparent exchange-based
rules. The Exchange also believes that investors benefit from the
opportunity to trade in association with this product on Expiration
Fridays, thereby removing impediments to a free and open market
consistent with the Act.
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
Because the foregoing 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 after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \7\ and Rule 19b-4(f)(6) \8\
thereunder.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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.
The Exchange has satisfied this requirement.
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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.
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:
[[Page 60506]]
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 No. SR-C2-2012-033 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 No. SR-C2-2012-033. 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 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 C2. 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 No. SR-C2-2012-033 and should be submitted on or
before October 24, 2012.
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\9\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-24290 Filed 10-2-12; 8:45 am]
BILLING CODE 8011-01-P
