Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Schedule, 74041-74042 [2012-29929]
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Federal Register / Vol. 77, No. 239 / Wednesday, December 12, 2012 / Notices
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–Phlx–
2012–139 and should be submitted on
or before January 2, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.26
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–29965 Filed 12–11–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68360; File No. SR–CBOE–
2012–115]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the Fees
Schedule
December 5, 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 November
30, 2012, Chicago Board Options
Exchange, Incorporated (the ‘‘Exchange’’
or ‘‘CBOE’’) filed with the Securities
and Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
mstockstill on DSK4VPTVN1PROD with
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
Fees Schedule. The text of the proposed
rule change is available on the
Exchange’s Web site (https://
www.cboe.com/AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
26 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
Volume Incentive Program (‘‘VIP’’) to
state that a Trading Permit Holder
(‘‘TPH’’) may request to receive its
credit under the VIP as a separate direct
payment. Currently, TPHs receive their
credits under the VIP as line-item
credits on their overall monthly bills
from the Exchange. However, for
convenience reasons regarding TPHs’
systems and procedures for processing
credits received under the VIP, a
number of TPHs have requested to
receive such credits as separate
payments from the Exchange. This
poses little problem to the Exchange’s
billing processes, so the Exchange
proposes to provide this option to
requesting TPHs.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the Act
and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.3 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5)4 requirements that the rules of
an exchange be designed to promote just
and equitable principles of trade, to
prevent fraudulent and manipulative
acts, to remove impediments to and to
perfect the mechanism for a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
Providing TPHs with the opportunity to
request to receive their credits under the
VIP as separate direct payments will
provide TPHs with another, possibly
1 15
VerDate Mar<15>2010
15:48 Dec 11, 2012
more convenient, manner in which to
receive their credits under the VIP,
which perfects the mechanism for a free
and open market.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change will impose any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not:
A. Significantly affect the protection
of investors or the public interest;
B. Impose any significant burden on
competition; and
C. Become operative for 30 days from
the date on which it was filed, or such
shorter time as the Commission may
designate, it has become effective
pursuant to Section 19(b)(3)(A) 5 of the
Act and Rule 19b–4(f)(6) 6 thereunder.
At any time within 60 days of the
filing of this proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–CBOE–2012–115 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
5 15
3 15
Jkt 229001
PO 00000
U.S.C. 78f(b).
Frm 00069
Fmt 4703
6 17
Sfmt 4703
74041
E:\FR\FM\12DEN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
12DEN1
74042
Federal Register / Vol. 77, No. 239 / Wednesday, December 12, 2012 / Notices
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
All submissions should refer to File
Number SR–CBOE–2012–115. 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 20549–1090, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filing also will be available for
inspection and copying at CBOE’s
principal office and on its Internet Web
site. 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–2012–115, and
should be submitted on or before
January 2, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–29929 Filed 12–11–12; 8:45 am]
mstockstill on DSK4VPTVN1PROD with
BILLING CODE 8011–01–P
7 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
15:48 Dec 11, 2012
Jkt 229001
[Release No. 34–68378; File No. SR–
NASDAQ–2012–043]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Withdrawal of Proposed Rule Change,
as Modified by Amendment Nos. 1 and
2 Thereto, To Establish the Market
Quality Program
December 6, 2012.
On March 23, 2012, The NASDAQ
Stock Market LLC (‘‘Exchange’’ or
‘‘NASDAQ’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 1 and Rule 19b–4 thereunder,2 a
proposed rule change to establish the
Market Quality Program (‘MQP’’). On
March 29, 2012, the Exchange submitted
Amendment No. 1 to the proposed rule
change. The proposed rule change, as
modified by Amendment No. 1 thereto,
was published for comment in the
Federal Register on April 12, 2012.3
The Commission initially received
fifteen comment letters on the proposed
rule change.4 On May 18, 2012, the
Commission extended the time period
in which to either approve the proposed
rule change, disapprove the proposed
rule change, or institute proceedings to
determine whether to disapprove the
proposed rule change, to July 11, 2012.5
The Commission subsequently received
three additional comment letters on the
proposed rule change and a response
letter from the Exchange.6
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Securities Exchange Act Release No. 66765
(April 6, 2012), 77 FR 22042.
4 See Letter from Frank Choi, dated April 13,
2012; Letter from Christopher J. Csicsko, dated
April 14, 2012; Letter from Jeremiah O’Connor III,
dated April 14, 2012; Letter from Dezso J. Szalay,
dated April 15, 2012; Letter from Kathryn Keita,
dated April 18, 2012; Letter from Anonymous,
dated April 18, 2012; Letter from Mark Connell,
dated April 19, 2012; Letter from Timothy Quast,
Managing Director, Modern Networks IR LLC, dated
April 26, 2012; Letter from Daniel G. Weaver, Ph.D.,
Professor of Finance, Rutgers Business School,
dated April 26, 2012; Letter from Amber Anand,
Associate Professor of Finance, Syracuse
University, dated April 29, 2012; Letter from Albert
J. Menkveld, Associate Professor of Finance, VU
University Amsterdam, dated May 2, 2012; Letter
from James J. Angel, Associate Professor of Finance,
Georgetown University, dated May 2, 2012; Letter
from Ari Burstein, Senior Counsel, Investment
Company Institute, dated May 3, 2012; Letter from
Gus Sauter, Managing Director and Chief
Investment Officer, Vanguard, dated May 3, 2012;
and Letter from Leonard J. Amoruso, General
Counsel, Knight Capital Group, Inc., dated May 4,
2012.
5 See Securities Exchange Act Release No. 67022
(May 18, 2012), 77 FR 31050 (May 24, 2012).
6 See Letter from Gary L. Gastineau, Managing
Member, ETF Consultants LLC, dated June 11, 2012;
2 17
PO 00000
Frm 00070
Fmt 4703
Sfmt 4703
On July 11, 2012, the Commission
instituted proceedings to determine
whether to approve or disapprove the
proposed rule change, as modified by
Amendment No. 1.7 The Commission
thereafter received six comment letters
and two response letters and one email
response from the Exchange.8 On
October 2, 2012, the Commission issued
a notice of designation of longer period
for Commission action on proceedings
to determine whether to disapprove the
proposed rule change.9 On November 6,
2012, the Exchange submitted
Amendment No. 2 to the proposed rule
change.10 On December 6, 2012, the
Letter from Rey Ramsey, President & CEO, TechNet,
dated June 20, 2012; and Letter from Stuart J.
Kaswell, Executive Vice President & Managing
Director, General Counsel, Managed Funds
Association, dated July 3, 2012. See also Letter from
Joan C. Conley, Senior Vice President & Corporate
Secretary, NASDAQ, dated July 6, 2012.
7 See Securities Exchange Act Release No. 67411,
77 FR 42052 (July 17, 2012).
8 See Letter from Joseph Cavatoni, Managing
Director, and Joanne Medero, Managing Director,
BlackRock, Inc., dated July 11, 2012; Letter from
Stanislav Dolgopolov, Assistant Adjunct Professor,
UCLA School of Law, dated August 15, 2012; Letter
from James E. Ross, Global Head, SPDR Exchange
Traded Funds, State Street Global Advisors, dated
August 16, 2012; Letter from Ari Burstein, Senior
Counsel, Investment Company Institute, dated
August 16, 2012; Letter from F. William McNabb,
Chairman and Chief Executive Officer, Vanguard,
dated August 16, 2012; and Letter from Andrew
Stevens, Legal Counsel, IMC Chicago, LLC d/b/a
IMC Financial Markets, dated August 16, 2012. See
also Letters from Joan C. Conley, Senior Vice
President & Corporate Secretary, NASDAQ OMX
LLC, dated August 30, 2012 and Jurij Trypupenko,
Esq., NASDAQ, dated September 7, 2012, and email
from Ed Knight, NASDAQ, dated September 19,
2012.
9 See Securities Exchange Act Release No. 67961,
77 FR 61452 (October 9, 2012).
10 In Amendment No. 2, the Exchange proposed
to amend its proposed rule text to: (i) Add
provisions requiring it to disclose on its Web site:
(a) The dates that MQP Securities commence
participation in and withdraw or are terminated
from the MQP, (b) a statement about the MQP that
sets forth a general description of the MQP as
implemented on a pilot basis and a fair and
balanced summation of the potentially positive
aspects of the MQP (e.g., enhancement of liquidity
and market quality in MQP Securities) as well as
the potentially negative aspects and risks of the
MQP (e.g., possible lack of liquidity and negative
price impact on MQP Securities that withdraw or
are terminated from the MQP), and indicates how
interested parties can get additional information
about products in the MQP, and (c) when it receives
notification that an MQP Company or MQP Market
Maker intends to withdraw from the MQP, and the
date of actual withdrawal or termination from the
MQP; (ii) add a requirement that during such time
that an MQP Company lists an MQP Security, the
MQP Company must, on a product-specific Web
site for each product, indicate that the product is
in the MQP and provide the link to the Exchange’s
MQP Web page; (iii) add a provision clarifying that
the MQP Fee in respect of an ETF shall be paid by
the sponsor(s) of such ETF, and the MQP Fee in
respect of a TIR shall be paid by the sponsor(s) of
such TIR, as applicable; (iv) amend the termination
provision to provide that the MQP will terminate
in respect of an MQP Security if such MQP Security
sustains an average daily trading volume
E:\FR\FM\12DEN1.SGM
12DEN1
Agencies
[Federal Register Volume 77, Number 239 (Wednesday, December 12, 2012)]
[Notices]
[Pages 74041-74042]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-29929]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68360; File No. SR-CBOE-2012-115]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend the Fees Schedule
December 5, 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 November 30, 2012, Chicago Board Options Exchange, Incorporated
(the ``Exchange'' or ``CBOE'') filed with the Securities and Exchange
Commission (the ``Commission'') the proposed rule change as described
in Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\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 amend its Fees Schedule. 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its Volume Incentive Program
(``VIP'') to state that a Trading Permit Holder (``TPH'') may request
to receive its credit under the VIP as a separate direct payment.
Currently, TPHs receive their credits under the VIP as line-item
credits on their overall monthly bills from the Exchange. However, for
convenience reasons regarding TPHs' systems and procedures for
processing credits received under the VIP, a number of TPHs have
requested to receive such credits as separate payments from the
Exchange. This poses little problem to the Exchange's billing
processes, so the Exchange proposes to provide this option to
requesting TPHs.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\3\ Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5)4 requirements that the rules of an
exchange be designed to promote just and equitable principles of trade,
to prevent fraudulent and manipulative acts, to remove impediments to
and to perfect the mechanism for a free and open market and a national
market system, and, in general, to protect investors and the public
interest. Providing TPHs with the opportunity to request to receive
their credits under the VIP as separate direct payments will provide
TPHs with another, possibly more convenient, manner in which to receive
their credits under the VIP, which perfects the mechanism for a free
and open market.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f(b).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
CBOE does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not:
A. Significantly affect the protection of investors or the public
interest;
B. Impose any significant burden on competition; and
C. Become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) \5\ of the Act and
Rule 19b-4(f)(6) \6\ thereunder.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
At any time within 60 days of the filing of this proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-CBOE-2012-115 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary,
[[Page 74042]]
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549-1090.
All submissions should refer to File Number SR-CBOE-2012-115. 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 20549-1090, on official business days between the hours
of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be
available for inspection and copying at CBOE's principal office and on
its Internet Web site. 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-2012-115, and should be submitted on or before January 2, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-29929 Filed 12-11-12; 8:45 am]
BILLING CODE 8011-01-P