Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Pre-Opening Information, 7474-7476 [2013-02147]
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Federal Register / Vol. 78, No. 22 / Friday, February 1, 2013 / Notices
days of the filing of such 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:
srobinson on DSK4SPTVN1PROD with NOTICES
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–2013–006 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–2013–006. 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–CBOE–
2013–006 and should be submitted on
or before February 22, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–02148 Filed 1–31–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68741; File No. SR–C2–
2013–002]
Self-Regulatory Organizations; C2
Options Exchange, Incorporated;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Related to Pre-Opening
Information
January 28, 2013.
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 January
17, 2013, the C2 Options Exchange,
Incorporated (‘‘Exchange’’ or ‘‘C2’’) 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 Exchange has designated the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(6) thereunder.4 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 is proposing to amend
Rule 6.11, Openings (and sometimes
Closings), regarding the dissemination
of certain pre-opening information. The
text of the proposed rule change is
available on the Exchange’s Web site
(https://www.c2exchange.com/Legal/
RuleFilings.aspx), at the Exchange’s
Office of the Secretary and at the
Commission.
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
1 15
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.
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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 those
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 purpose of this filing is to update
the provisions of Rule 6.11 regarding the
dissemination of certain pre-opening
information. In relevant part, the current
provisions of Rule 6.11(a)(2) provide
that, during the pre-opening period, at
specified intervals of time that will be
announced to Participants,5 the C2
System will disseminate to
Participants 6 information about resting
orders in the book that remain from the
prior business day and any orders and
quotes submitted before the opening,
including the expected opening price
(‘‘EOP’’) and expected opening size
(‘‘EOS’’) given the current resting orders
and quotes. The purpose of the
proposed rule change is to update the
text to provide that such pre-opening
information will be disseminated to all
users that have elected to receive such
information (and to remove the existing
reference to such pre-opening
information being disseminated to
Participants). As revised, the rule text
will reflect that any user—whether or
not a Participant—may receive preopening information.7 This revision will
5 Pursuant to Rule 6.11.02, all pronouncements
regarding determinations by the Exchange pursuant
to Rule 6.11 and the Interpretations and Policies
thereunder will be announced to Participants via
Regulatory Circular.
6 The term ‘‘Participant’’ means a Permit Holder.
The term ‘‘Permit Holder’’ means the Exchange
recognized holder of a Trading Permit. A Permit
Holder is also known as a Trading Permit Holder
under the C2 Bylaws. Permit Holders are deemed
‘‘members’’ under the Act. See C2 Rule 1.1,
Definitions.
7 The Exchange is also proposing to replace a
reference from the specified intervals of time being
‘‘announced to Participants’’ to being ‘‘determined
by the Exchange.’’ The Exchange notes that all
pronouncements regarding determinations by the
Exchange pursuant to Rule 6.11 and the
Interpretations and Policies there under will be
announced to Participants via Regulatory Circular.
See C2 Rule 6.11.02; see also note 5, supra. The
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Federal Register / Vol. 78, No. 22 / Friday, February 1, 2013 / Notices
update the rule text to accurately reflect
the Exchange’s current practice of
making such pre-opening information
available to any user.8
The Exchange believes that the
dissemination of this pre-opening
information to all users that elect to
receive such information increases
opportunities for all types of market
participants (e.g., public customers,
broker-dealers and market-makers) to
participate in opening rotations. This
broader participation could lead to more
robust competition because more users
may participate in opening rotations,
which may result in better prices for
customers.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the Act and the rules and regulations
under the Act, in general, and furthers
the objectives of Section 6(b)(5),9 in
particular, in that it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, and to remove
impediments to and perfect the
mechanisms of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest.
The proposed rule change will update
the rule text to accurately reflect the
Exchange’s current practice of making
pre-opening information available to
any user—whether or not a Participant.
The Exchange believes that the
dissemination of the pre-opening
information to all users that elect to
receive such information increases
opportunities for all types of market
participants (e.g., public customers,
broker-dealers and market-makers) to
participate in opening rotations. This
broader participation could lead to more
robust competition because more users
may participate in opening rotations,
which may result in better prices for
customers.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
srobinson on DSK4SPTVN1PROD with NOTICES
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
Exchange also notes that Regulatory Circulars are
publically available on the Exchange’s Web site
(www.c2exchange.com).
8 Users may elect to receive the pre-opening data
via Market Data Express, LLC (‘‘MDX,’’ an affiliate
of C2). MDX currently makes the data available as
part of the BBO Data Feed for C2 listed options at
no additional charge. See SR–C2–2013–001.
9 15 U.S.C. 78f(b)(5).
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17:26 Jan 31, 2013
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necessary or appropriate in furtherance
of the purposes of the Act. As noted
above, the Exchange believes that the
dissemination of the pre-opening
information to all users that elect to
receive such information increases
opportunities for all types of
participants (e.g., public customers,
broker-dealers and market-makers) to
participate in opening rotations. This
broader participation could lead to more
robust competition because more users
may participate in opening rotations,
which may result in better prices for
customers. The Exchange also believes
that the data will help attract new users
and new order flow to the Exchange,
thereby improving the Exchange’s
ability to compete in the market for
options order flow and executions.
Finally, the Exchange notes that at least
one other exchange, the NASDAQ
Options Market (‘‘NOM’’), makes similar
information about pre-opening
information available to nonmembers.10
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 proposal.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
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 for 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 11 and Rule 19b–4(f)(6)(iii)
thereunder.12 At any time within 60
days of the filing of such proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
10 NOM disseminates certain pre-opening order
imbalance information every five seconds for a
period of time prior to the open and this
information is made available via subscription. See
NOM Chapter VI, Section 8(b)(1) and Chapter XV,
Section 4(e); see also https://
www.nasdaqtrader.com/trader.aspx?id=openclose.
11 15 U.S.C. 78s(b)(3)(A).
12 17 CFR 240.19b–4(f)(6)(iii). As required under
Rule 19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file
the proposed rule change, along with a brief
description and the text of 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.
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7475
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–C2–2013–002 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–C2–2013–002. 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–
E:\FR\FM\01FEN1.SGM
01FEN1
7476
Federal Register / Vol. 78, No. 22 / Friday, February 1, 2013 / Notices
2013–002 and should be submitted on
or before February 22, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–02147 Filed 1–31–13; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Airport Improvement Program
Department of Transportation,
Federal Aviation Administration.
ACTION: Invitation to comment on draft
FAA Order 5100–38, Airport
Improvement Program Handbook.
AGENCY:
This notice announces the
request for comments on the draft of
FAA Order 5100–38D, Airport
Improvement Program Handbook. When
finalized, this Order will replace Order
5100–38C, Airport Improvement
Program Handbook, issued on June 28,
2005. This update clarifies statutory
requirements, including changes to the
AIP statute from the recent FAA
reauthorization.
SUMMARY:
Comments must be received on
or before March 18, 2013.
ADDRESSES: You can get an electronic
copy of draft FAA Order 5100–38 and
the comment form on the FAA Airports
Web site at https://www.faa.gov/airports/
after January 31, 2013.
You can submit comments using the
AIP Draft Handbook Comment Form,
using any of the following methods:
Electronic Submittal to the FAA: Go
to https://www.faa.gov/airports/ and
follow the instructions for sending your
comments electronically.
Mail: FAA Office of Airports, Airport
Planning and Programming, Routing
Symbol APP–501, 800 Independence
Avenue SW., Room 619, Washington,
DC 20591.
Fax: 1–202–267–5302.
Hand Delivery: To FAA Office of
Airports, Airport Planning and
Programming, Routing Symbol APP–
501, 800 Independence Avenue SW.,
Room 619, Washington, DC 20591;
between 9 a.m. and 4 p.m., Monday
through Friday, except Federal holidays.
For more information on the notice
and comment process, see the
SUPPLEMENTARY INFORMATION section of
this document. Privacy: We will post all
comments we receive, without change,
srobinson on DSK4SPTVN1PROD with NOTICES
DATES:
13 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
17:26 Jan 31, 2013
Jkt 229001
to https://www.faa.gov/airports/,
including any personal information you
provide.
Comments Received: To read
comments received, go to https://
www.faa.gov/airports/ at any time.
FOR FURTHER INFORMATION CONTACT:
Frank J. San Martin, Manager, Airport
Financial Assistance Division, APP–
500, Federal Aviation Administration,
800 Independence Avenue SW.,
Washington, DC 20591, telephone (202)
267–3181; facsimile: (202) 267–5302;
email: frank.sanmartin@faa.gov.
SUPPLEMENTARY INFORMATION:
Availability of Documents
You can get an electronic copy of this
notice, FAA Order 5100–38C, and the
draft Order by visiting the FAA’s
Airports Web page at https://
www.faa.gov/airports/ after January 31,
2013.
opportunity for public comment in
recognition of the interest of all
segments of the airport community in
the AIP. The agency will consider all
comments received by the closing date
of the comment period in finalizing this
Order. Comments received after that
date may be considered if consideration
will not delay agency action on the
Order.
Comments must be submitted on the
AIP Draft Handbook Comment Form,
which is available for downloading at:
https://www.faa.gov/airports/. Comments
that are not submitted on the form may
be considered only if consideration will
not delay agency action on the Order.
Issued in Washington, DC, on January 23,
2013.
Frank J. San Martin,
Manager, Airports Financial Assistance
Division, Office of Airport Planning and
Programming.
Background
The Airport Improvement Program is
an airport grant program, established by
the Airport and Airway Improvement
Act of 1982 as amended, 49 U.S.C.
47101 et seq. (AAIA). Order 5100–38C,
Airport Improvement Program
Handbook, issued June 28, 2005,
contains instructions to FAA employees
on implementing the AIP. This Order is
widely used by airports, consultants and
others. This draft Order will replace
Order 5100–38C and supersedes most
Program Guidance Letters (PGLs) issued
through Fiscal Year 2012.
Since 2005, there have been
substantial changes to the laws and
policies relating to the AIP, including
the recent FAA reauthorization bill, the
FAA Modernization and Reform Act of
2012.
To incorporate these changes and
provide the most useful and current
program guidance to agency employees,
the Office of Airport Planning and
Programming, Financial Assistance
Division has updated and significantly
revised the Handbook to maximize its
clarity. This update is a fundamental
rewrite of FAA Order 5100–38C, the
current version of the Airport
Improvement Program Handbook. The
update clarifies the different
responsibilities of the FAA Office of
Airports staff and those of the AIP grant
sponsor. The basic Handbook includes
the requirements for all grant projects
and also includes appendices that can
be used as a ready-reference for projectspecific requirements.
[FR Doc. 2013–02044 Filed 1–31–13; 8:45 am]
Invitation for Public Comment
While the FAA generally does not
request public comment on internal
orders, the agency is offering this
SUPPLEMENTARY INFORMATION:
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BILLING CODE 4910–13–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Fifth Meeting: RTCA Special
Committee 227, Standards of
Navigation Performance
Federal Aviation
Administration (FAA), U.S. Department
of Transportation (DOT).
ACTION: Meeting Notice of RTCA Special
Committee 227, Standards of Navigation
Performance.
AGENCY:
The FAA is issuing this notice
to advise the public of the fifth meeting
of the RTCA Special Committee 227,
Standards of Navigation Performance.
DATES: The meeting will be held
February 11–15, 2013 from 9:00 a.m. to
5:00 p.m.
ADDRESSES: The meeting will be held at
EUROCONTROL Headquarters, Rue de
la Fusee 96, 1130 Brussels, Belgium. A
WebEx/telephone bridge will be
provided upon request.
FOR FURTHER INFORMATION CONTACT: The
RTCA Secretariat, 1150 18th Street NW.,
Suite 910, Washington, DC 20036, or by
telephone at (202) 833–9339, fax at (202)
833–9434, or Web site at
https://www.rtca.org. Alternately, contact
Jennifer Iversen directly at (202) 330–
0662, email jiversen@rtca.org, or Dave
Nakamura, (425) 965–6896, at email
dave.nakamura@boeing.com.
SUMMARY:
Pursuant
to section 10(a)(2) of the Federal
Advisory Committee Act (Pub. L. No.
92–463, 5 U.S.C., App.), notice is hereby
E:\FR\FM\01FEN1.SGM
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]]>Agencies
[Federal Register Volume 78, Number 22 (Friday, February 1, 2013)]
[Notices]
[Pages 7474-7476]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-02147]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68741; File No. SR-C2-2013-002]
Self-Regulatory Organizations; C2 Options Exchange, Incorporated;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Related to Pre-Opening Information
January 28, 2013.
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 January 17, 2013, the C2 Options Exchange, Incorporated
(``Exchange'' or ``C2'') 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 Exchange has designated the proposal as a ``non-
controversial'' proposed rule change pursuant to Section 19(b)(3)(A) of
the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to amend Rule 6.11, Openings (and
sometimes Closings), regarding the dissemination of certain pre-opening
information. The text of the proposed rule change is available on the
Exchange's Web site (https://www.c2exchange.com/Legal/RuleFilings.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 those 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 purpose of this filing is to update the provisions of Rule 6.11
regarding the dissemination of certain pre-opening information. In
relevant part, the current provisions of Rule 6.11(a)(2) provide that,
during the pre-opening period, at specified intervals of time that will
be announced to Participants,\5\ the C2 System will disseminate to
Participants \6\ information about resting orders in the book that
remain from the prior business day and any orders and quotes submitted
before the opening, including the expected opening price (``EOP'') and
expected opening size (``EOS'') given the current resting orders and
quotes. The purpose of the proposed rule change is to update the text
to provide that such pre-opening information will be disseminated to
all users that have elected to receive such information (and to remove
the existing reference to such pre-opening information being
disseminated to Participants). As revised, the rule text will reflect
that any user--whether or not a Participant--may receive pre-opening
information.\7\ This revision will
[[Page 7475]]
update the rule text to accurately reflect the Exchange's current
practice of making such pre-opening information available to any
user.\8\
---------------------------------------------------------------------------
\5\ Pursuant to Rule 6.11.02, all pronouncements regarding
determinations by the Exchange pursuant to Rule 6.11 and the
Interpretations and Policies thereunder will be announced to
Participants via Regulatory Circular.
\6\ The term ``Participant'' means a Permit Holder. The term
``Permit Holder'' means the Exchange recognized holder of a Trading
Permit. A Permit Holder is also known as a Trading Permit Holder
under the C2 Bylaws. Permit Holders are deemed ``members'' under the
Act. See C2 Rule 1.1, Definitions.
\7\ The Exchange is also proposing to replace a reference from
the specified intervals of time being ``announced to Participants''
to being ``determined by the Exchange.'' The Exchange notes that all
pronouncements regarding determinations by the Exchange pursuant to
Rule 6.11 and the Interpretations and Policies there under will be
announced to Participants via Regulatory Circular. See C2 Rule
6.11.02; see also note 5, supra. The Exchange also notes that
Regulatory Circulars are publically available on the Exchange's Web
site (www.c2exchange.com).
\8\ Users may elect to receive the pre-opening data via Market
Data Express, LLC (``MDX,'' an affiliate of C2). MDX currently makes
the data available as part of the BBO Data Feed for C2 listed
options at no additional charge. See SR-C2-2013-001.
---------------------------------------------------------------------------
The Exchange believes that the dissemination of this pre-opening
information to all users that elect to receive such information
increases opportunities for all types of market participants (e.g.,
public customers, broker-dealers and market-makers) to participate in
opening rotations. This broader participation could lead to more robust
competition because more users may participate in opening rotations,
which may result in better prices for customers.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the Act and the rules and regulations under the Act, in general,
and furthers the objectives of Section 6(b)(5),\9\ in particular, in
that it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, and to remove impediments to and perfect
the mechanisms of a free and open market and a national market system,
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The proposed rule change will update the rule text to accurately
reflect the Exchange's current practice of making pre-opening
information available to any user--whether or not a Participant. The
Exchange believes that the dissemination of the pre-opening information
to all users that elect to receive such information increases
opportunities for all types of market participants (e.g., public
customers, broker-dealers and market-makers) to participate in opening
rotations. This broader participation could lead to more robust
competition because more users may participate in opening rotations,
which may result in better prices for customers.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange 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. As noted above, the Exchange
believes that the dissemination of the pre-opening information to all
users that elect to receive such information increases opportunities
for all types of participants (e.g., public customers, broker-dealers
and market-makers) to participate in opening rotations. This broader
participation could lead to more robust competition because more users
may participate in opening rotations, which may result in better prices
for customers. The Exchange also believes that the data will help
attract new users and new order flow to the Exchange, thereby improving
the Exchange's ability to compete in the market for options order flow
and executions. Finally, the Exchange notes that at least one other
exchange, the NASDAQ Options Market (``NOM''), makes similar
information about pre-opening information available to non-members.\10\
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\10\ NOM disseminates certain pre-opening order imbalance
information every five seconds for a period of time prior to the
open and this information is made available via subscription. See
NOM Chapter VI, Section 8(b)(1) and Chapter XV, Section 4(e); see
also https://www.nasdaqtrader.com/trader.aspx?id=openclose.
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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
proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
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 for 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 \11\ and Rule 19b-
4(f)(6)(iii) thereunder.\12\ At any time within 60 days of the filing
of such 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.
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6)(iii). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of 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.
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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-C2-2013-002 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-C2-2013-002. 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-
[[Page 7476]]
2013-002 and should be submitted on or before February 22, 2013.
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\13\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-02147 Filed 1-31-13; 8:45 am]
BILLING CODE 8011-01-P
