Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Pricing Clarification, 13105-13107 [2013-04350]

Download as PDF Federal Register / Vol. 78, No. 38 / Tuesday, February 26, 2013 / Notices unnecessary intermediate holding company from the ownership structure of the Exchange. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to 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 the 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: 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, on business days between the hours of 10 a.m. and 3 p.m., located at 100 F Street NE., Washington, DC 20549–1090. Copies of the filing will also 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– NYSEArca–2013–17 and should be submitted on or before March 19, 2013. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–04369 Filed 2–25–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION tkelley on DSK3SPTVN1PROD 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–NYSEArca–2013–17 on the subject line. [Release No. 34–68950; File No. SR–BX– 2013–014] 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–NYSEArca–2013–17. 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 February 19, 2013. VerDate Mar<15>2010 16:35 Feb 25, 2013 Jkt 229001 Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Pricing Clarification 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 February 7, 2013, NASDAQ OMX BX, Inc. (‘‘BX’’ 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 prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 12 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 13105 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to add references to certain terms in Chapter XV, entitled ‘‘Options Pricing.’’ The Exchange also proposes to make a technical amendment to Section 2 entitled ‘‘BX Options Market—Fees and Rebates.’’ The text of the proposed rule change is also available on the Exchange’s Web site at https:// nasdaqomxbx.cchwallstreet.com, at the principal office of the Exchange, 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to add certain references to Chapter XV in order to provide greater clarity to the terms used throughout this Chapter for the purpose of assessing fees and paying rebates. Specifically, the Exchange proposes to add the terms ‘‘Customer,’’ ‘‘BX Options Market Maker,’’ ‘‘Non-BX Options Market Maker,’’ ‘‘Firm,’’ ‘‘Professional,’’ and ‘‘Broker-Dealer’’ to Chapter XV to provide guidance on how the Exchange applies the fees and rebates in Chapter XV to these categories of market participants. The Exchange proposes to state that the term ‘‘Customer’’ or (‘‘C’’) applies to any transaction that is identified by a Participant for clearing in the Customer range at The Options Clearing Corporation (‘‘OCC’’) which is not for the account of a broker or dealer or for the account of a ‘‘Professional’’ (as that term is defined in Chapter I, Section 1(a)(48)). The Exchange proposes to state that the term ‘‘BX Options Market Maker’’ or (‘‘M’’) is a Participant that has registered as a Market Maker on BX Options pursuant E:\FR\FM\26FEN1.SGM 26FEN1 tkelley on DSK3SPTVN1PROD with NOTICES 13106 Federal Register / Vol. 78, No. 38 / Tuesday, February 26, 2013 / Notices to Chapter VII, Section 2, and must also remain in good standing pursuant to Chapter VII, Section 4. In order to receive BX Options Market Maker pricing in all securities, the Participant must be registered as a BX Options Market Maker in at least one security. The Exchange proposes to state that the term ‘‘Non-BX Options Market Maker’’ or (‘‘O’’) is a registered market maker on another options exchange that is not a BX Options Market Maker. A Non-BX Options Market Maker must append the proper Non-BX Options Market Maker designation to orders routed to BX Options. The Exchange proposes to state that the term ‘‘Firm’’ or (‘‘F’’) applies to any transaction that is identified by a BX Options Participant for clearing in the Firm range at OCC. The Exchange proposes to state that the term ‘‘Professional’’ or (‘‘P’’) means any person or entity that (i) is not a broker or dealer in securities, and (ii) places more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s) pursuant to Chapter I, Section 1(a)(48). All Professional orders shall be appropriately marked by BX Options Participants. Finally, the Exchange proposes to state that the term ‘‘BrokerDealer’’ or (‘‘B’’) applies to any transaction which is not subject to any of the other transaction fees applicable within a particular category. The order capacity codes, ‘‘C,’’ ‘‘M,’’ ‘‘O,’’ ‘‘F,’’ ‘‘P,’’ and ‘‘B’’ are codes that have been established by the Exchange related to the order entry ports using the Financial Information Exchange (‘‘FIX’’) protocol. The Exchange also proposes to define the terms ‘‘adding liquidity’’ and ‘‘removing liquidity’’ for purposes of Chapter XV, Section 2(1) pricing. Specifically, the Exchange proposes to state that ‘‘[w]ith respect to Chapter XV, Sections 2(1) and (2), the order that is received by the trading system first in time shall be considered an order adding liquidity and an order that trades against that order shall be considered an order removing liquidity.’’ The Exchange believes that specifying which orders are considered adding and which orders are considered removing liquidity would further clarify BX Options’ pricing. The Exchange also proposes to remove Section 2(3) of Chapter XV, which is currently reserved, and renumber Section 2(4) as Section 2(3). 2. Statutory Basis 16:35 Feb 25, 2013 B. Self-Regulatory Organization’s Statement on Burden on Competition BX does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The Exchange is merely filing this clarification to specify how certain fees and rebates in Chapter XV are applied to market participants. The Exchange believes that this clarification will provide greater 3 15 BX believes that its proposal to amend Chapter XV of the Rules to add references to various terms is consistent VerDate Mar<15>2010 with Section 6(b) of the Act 3 in general, and furthers the objectives of Section 6(b)(5) of the Act 4 in particular. The Exchange’s proposal to clarify its pricing is intended to provide additional guidance to market participants with respect to the application of fees and rebates in Chapter XV, similar to other options exchanges.5 Further, the Exchange also proposes to provide clarification regarding the manner in which the Exchange applies fee and rebates for adding and removing. The Exchange believes the addition of these references will provide additional transparency to Chapter XV of the Exchange’s Rules. The Exchange does not believe that there is confusion among market participants with respect to the terms described herein, but rather that the addition of these terms to Chapter XV would serve to provide transparency and guidance to the benefit of all market participants. The Exchange believes that the proposal is consistent with Section 6(b)(5) in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest, by clarifying what fees and rebate in Chapter XV apply to certain transactions and market participants. The Exchange is not amending the manner in which it applies pricing to various Participants. The proposed terms merely codify the manner in which the Exchange assesses fees and pays rebates today. Similarly, the manner in which fees and rebates for adding and removing liquidity are applied is not changing but merely codified by the addition of the terms to Chapter XV. The Exchange’s renumbering of Section 2(4) is merely a technical amendment to the pricing. Jkt 229001 U.S.C. 78f(b). U.S.C. 78f(b)(4) and (5) [sic]. 5 See NASDAQ OMX PHLX LLC’s Pricing Schedule. See also the International Securities Exchange, LLC’s Fee Schedule. 4 15 PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 transparency to market participants. The Exchange does not believe that this amendment creates intramarket competition among Participants as it is applied uniformly to all Participants. The Exchange believes that clarifying the applicability of certain fees and rebates for adding and removing liquidity within the Pricing Schedule provides market participants clear guidance. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. 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 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)(ii) of the Act 6 and subparagraph (f)(6) of Rule 19b–4 thereunder.7 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. The Exchange has provided the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change 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: 6 15 7 17 E:\FR\FM\26FEN1.SGM U.S.C. 78s(b)(3)(a)(ii). CFR 240.19b–4(f)(6). 26FEN1 Federal Register / Vol. 78, No. 38 / Tuesday, February 26, 2013 / 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–BX–2013–014 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. tkelley on DSK3SPTVN1PROD with NOTICES All submissions should refer to File Number SR–BX–2013–014. 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 such filing also will be available for inspection and copying at the principal office 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–BX– 2013–014, and should be submitted on or before March 19, 2013. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–04350 Filed 2–25–13; 8:45 am] SECURITIES AND EXCHANGE COMMISSION [Release No. 34–68954; File No. SR–MIAX– 2013–04] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Revise Market Maker Obligations Regarding the Opening Process on the Exchange February 20, 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 February 11, 2013, Miami International Securities Exchange LLC (‘‘Exchange’’ or ‘‘MIAX’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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 filing a proposal to amend Rules 503, 603 and 604 to revise Market Maker obligations regarding the opening process on the Exchange. The text of the proposed rule change is available on the Exchange’s Web site at https://www.miaxoptions.com/filter/ wotitle/rule_filing, at MIAX’s principal office, 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. BILLING CODE 8011–01–P 1 15 8 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 16:35 Feb 25, 2013 2 17 Jkt 229001 PO 00000 U.S.C.78s(b)(1). CFR 240.19b–4. Frm 00094 Fmt 4703 Sfmt 4703 13107 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to revise the quoting obligations of Market Makers prior to and during the opening process. Specifically, (i) Lead Market Makers (‘‘LMMs’’), including those appointed Primary Lead Market Maker (‘‘PLMM’’), will not be required to enter quotes before or during the opening process in their assigned option classes; and (ii) PLMMs will, however, be required to submit valid width quotes not later than one minute following the dissemination of a quote or trade by the market for the underlying security. These changes, which are described in detail below, will make MIAX’s Market Maker obligations more consistent with market maker obligations at other options exchanges. Currently, Rules 503(e)(5), 603(c), 604(e)(1)(i) and 604(e)(2)(i) require PLMMs and LMMs to participate in the opening process by submitting valid width quotes and entering into any transactions resulting from their participation. MIAX proposes to amend each of these rules to revise the PLMM obligations and eliminate the LMM obligations. Rule 503(e) specifies that the opening process can begin following the dissemination of a quote or trade by the market for the underlying security and a pause of no longer than one half second. The pause allows the market place to absorb the dissemination of the underlying security’s quote or trade. Thereafter, the option’s opening process can be initiated by the occurrence of one of three triggers. These triggers are (i) a valid width quote being submitted by the PLMM in the option class; (ii) the valid width quotes of at least two Market Makers (one of whom must be a LMM) being submitted in the option; or (iii) the valid width quote of one LMM being submitted in the option with at least one other options exchange disseminating a quote in the option and a valid width NBBO being available for that option. Trigger (iii) can only occur in multiply listed option classes; for singly listed option classes either trigger (i) or (ii) must occur to initiate the option’s opening process. While the PLMM can submit a valid width quote to start the option’s opening process, there are, as described above, other ways in which the option opening process can begin. Pursuant to the revisions being proposed herein, MIAX will require the PLMM to submit valid width quotes in each of the E:\FR\FM\26FEN1.SGM 26FEN1

Agencies

[Federal Register Volume 78, Number 38 (Tuesday, February 26, 2013)]
[Notices]
[Pages 13105-13107]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-04350]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68950; File No. SR-BX-2013-014]


Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Relating to 
a Pricing Clarification

February 19, 2013.
    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 February 7, 2013, NASDAQ OMX BX, Inc. (``BX'' 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 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 add references to certain terms in Chapter 
XV, entitled ``Options Pricing.'' The Exchange also proposes to make a 
technical amendment to Section 2 entitled ``BX Options Market--Fees and 
Rebates.''
    The text of the proposed rule change is also available on the 
Exchange's Web site at https://nasdaqomxbx.cchwallstreet.com, at the 
principal office of the Exchange, 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this filing is to add certain references to Chapter 
XV in order to provide greater clarity to the terms used throughout 
this Chapter for the purpose of assessing fees and paying rebates.
    Specifically, the Exchange proposes to add the terms ``Customer,'' 
``BX Options Market Maker,'' ``Non-BX Options Market Maker,'' ``Firm,'' 
``Professional,'' and ``Broker-Dealer'' to Chapter XV to provide 
guidance on how the Exchange applies the fees and rebates in Chapter XV 
to these categories of market participants. The Exchange proposes to 
state that the term ``Customer'' or (``C'') applies to any transaction 
that is identified by a Participant for clearing in the Customer range 
at The Options Clearing Corporation (``OCC'') which is not for the 
account of a broker or dealer or for the account of a ``Professional'' 
(as that term is defined in Chapter I, Section 1(a)(48)). The Exchange 
proposes to state that the term ``BX Options Market Maker'' or (``M'') 
is a Participant that has registered as a Market Maker on BX Options 
pursuant

[[Page 13106]]

to Chapter VII, Section 2, and must also remain in good standing 
pursuant to Chapter VII, Section 4. In order to receive BX Options 
Market Maker pricing in all securities, the Participant must be 
registered as a BX Options Market Maker in at least one security. The 
Exchange proposes to state that the term ``Non-BX Options Market 
Maker'' or (``O'') is a registered market maker on another options 
exchange that is not a BX Options Market Maker. A Non-BX Options Market 
Maker must append the proper Non-BX Options Market Maker designation to 
orders routed to BX Options. The Exchange proposes to state that the 
term ``Firm'' or (``F'') applies to any transaction that is identified 
by a BX Options Participant for clearing in the Firm range at OCC. The 
Exchange proposes to state that the term ``Professional'' or (``P'') 
means any person or entity that (i) is not a broker or dealer in 
securities, and (ii) places more than 390 orders in listed options per 
day on average during a calendar month for its own beneficial 
account(s) pursuant to Chapter I, Section 1(a)(48). All Professional 
orders shall be appropriately marked by BX Options Participants. 
Finally, the Exchange proposes to state that the term ``Broker-Dealer'' 
or (``B'') applies to any transaction which is not subject to any of 
the other transaction fees applicable within a particular category. The 
order capacity codes, ``C,'' ``M,'' ``O,'' ``F,'' ``P,'' and ``B'' are 
codes that have been established by the Exchange related to the order 
entry ports using the Financial Information Exchange (``FIX'') 
protocol.
    The Exchange also proposes to define the terms ``adding liquidity'' 
and ``removing liquidity'' for purposes of Chapter XV, Section 2(1) 
pricing. Specifically, the Exchange proposes to state that ``[w]ith 
respect to Chapter XV, Sections 2(1) and (2), the order that is 
received by the trading system first in time shall be considered an 
order adding liquidity and an order that trades against that order 
shall be considered an order removing liquidity.'' The Exchange 
believes that specifying which orders are considered adding and which 
orders are considered removing liquidity would further clarify BX 
Options' pricing. The Exchange also proposes to remove Section 2(3) of 
Chapter XV, which is currently reserved, and renumber Section 2(4) as 
Section 2(3).
2. Statutory Basis
    BX believes that its proposal to amend Chapter XV of the Rules to 
add references to various terms is consistent with Section 6(b) of the 
Act \3\ in general, and furthers the objectives of Section 6(b)(5) of 
the Act \4\ in particular. The Exchange's proposal to clarify its 
pricing is intended to provide additional guidance to market 
participants with respect to the application of fees and rebates in 
Chapter XV, similar to other options exchanges.\5\ Further, the 
Exchange also proposes to provide clarification regarding the manner in 
which the Exchange applies fee and rebates for adding and removing. The 
Exchange believes the addition of these references will provide 
additional transparency to Chapter XV of the Exchange's Rules.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(4) and (5) [sic].
    \5\ See NASDAQ OMX PHLX LLC's Pricing Schedule. See also the 
International Securities Exchange, LLC's Fee Schedule.
---------------------------------------------------------------------------

    The Exchange does not believe that there is confusion among market 
participants with respect to the terms described herein, but rather 
that the addition of these terms to Chapter XV would serve to provide 
transparency and guidance to the benefit of all market participants. 
The Exchange believes that the proposal is consistent with Section 
6(b)(5) in that it is designed to promote just and equitable principles 
of trade, to remove impediments to and perfect the mechanism of a free 
and open market and a national market system, and, in general to 
protect investors and the public interest, by clarifying what fees and 
rebate in Chapter XV apply to certain transactions and market 
participants.
    The Exchange is not amending the manner in which it applies pricing 
to various Participants. The proposed terms merely codify the manner in 
which the Exchange assesses fees and pays rebates today. Similarly, the 
manner in which fees and rebates for adding and removing liquidity are 
applied is not changing but merely codified by the addition of the 
terms to Chapter XV.
    The Exchange's renumbering of Section 2(4) is merely a technical 
amendment to the pricing.

B. Self-Regulatory Organization's Statement on Burden on Competition

    BX does not believe that the proposed rule change will impose any 
burden on competition not necessary or appropriate in furtherance of 
the purposes of the Act. The Exchange is merely filing this 
clarification to specify how certain fees and rebates in Chapter XV are 
applied to market participants. The Exchange believes that this 
clarification will provide greater transparency to market participants. 
The Exchange does not believe that this amendment creates intramarket 
competition among Participants as it is applied uniformly to all 
Participants. The Exchange believes that clarifying the applicability 
of certain fees and rebates for adding and removing liquidity within 
the Pricing Schedule provides market participants clear guidance.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

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 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)(ii) of the Act \6\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\7\
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(a)(ii).
    \7\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    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: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings to determine whether the 
proposed rule should be approved or disapproved. The Exchange has 
provided the Commission written notice of its intent to file the 
proposed rule change, along with a brief description and text of the 
proposed rule change, at least five business days prior to the date of 
filing of the proposed rule change

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 13107]]

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-BX-2013-014 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-BX-2013-014. 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 such filing also will be available 
for inspection and copying at the principal office 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-BX-2013-014, and should be 
submitted on or before March 19, 2013.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-04350 Filed 2-25-13; 8:45 am]
BILLING CODE 8011-01-P
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