Sunshine Act Meetings, 13386-13387 [2013-04651]

Download as PDF erowe on DSK2VPTVN1PROD with NOTICES 13386 Federal Register / Vol. 78, No. 39 / Wednesday, February 27, 2013 / Notices attempt to use other software not listed on the Web site, but should note that the NRC’s E-Filing system does not support unlisted software, and the NRC Meta System Help Desk will not be able to offer assistance in using unlisted software. If a participant is electronically submitting a document to the NRC in accordance with the E-Filing rule, the participant must file the document using the NRC’s online, web-based submission form. In order to serve documents through the Electronic Information Exchange System, users will be required to install a web browser plug-in from the NRC’s Web site. Further information on the web-based submission form, including the installation of the web browser plug-in, is available on the NRC’s public Web site at http://www.nrc.gov/site-help/esubmittals.html. Once a participant has obtained a digital ID certificate and a docket has been created, the participant can then submit a request for a hearing or petition for leave to intervene. Submissions should be in portable document format (PDF) in accordance with the NRC guidance available on the NRC’s public Web site at http:// www.nrc.gov/site-help/esubmittals.html. A filing is considered complete at the time the documents are submitted through the NRC’s E-Filing system. To be timely, an electronic filing must be submitted to the E-Filing system no later than 11:59 p.m. Eastern Time on the due date. Upon receipt of a transmission, the E-Filing system time-stamps the document and sends the submitter an email notice confirming receipt of the document. The E-Filing system also distributes an email notice that provides access to the document to the NRC’s Office of the General Counsel and any others who have advised the Office of the Secretary that they wish to participate in the proceeding, so that the filer need not serve the document on those participants separately. Therefore, applicants and other participants (or their counsel or representative) must apply for and receive a digital ID certificate before a hearing request/ petition to intervene is filed so that they can obtain access to the document via the E-Filing system. A person filing electronically using the agency’s adjudicatory E-Filing system may seek assistance by contacting the NRC Meta System Help Desk thorough the ‘‘Contact Us’’ link located on the NRC’s Web site at http://www.nrc/gov/site-help/esubmittals.html, by email at MSHD.Resource@nrc.gov, or by a toll VerDate Mar<15>2010 15:18 Feb 26, 2013 Jkt 229001 free call at 1–866–672–7640. The NRC Meta System Help Desk is available between 8 a.m. and 8 p.m., Eastern Time, Monday through Friday, excluding government holidays. Participants who believe that they have a good cause for not submitting documents electronically must file an extension request, in accordance with 10 CFR 2.302(g), with their initial paper filing requesting authorization to continue to submit documents in paper format. Such filings must be submitted by: (1) First class mail addressed to the Office of the Secretary of the Commission, U.S. Nuclear Regulatory Commission, Washington, DC 20555– 0001, Attention: Rulemaking and Adjudications Staff; or (2) courier, express mail, or expedited delivery service to the Office of the Secretary, Sixteenth Floor, One White Flint North, 11555 Rockville Pike, Rockville, MD 20852, Attention: Rulemaking and Adjudications Staff. Participants filing a document in this manner are responsible for serving the document on all other participants. Filing is considered complete by first-class mail as of the time of deposit in the mail, or by courier, express mail, or expedited delivery service upon depositing the document with the provider of the service. A presiding officer, having granted an exemption request from using E-Filing, may require a participant or party using E-Filing if the presiding officer subsequently determines that the reason for granting the exemption from use of E-Filing no longer exists. Documents submitted in adjudicatory proceedings will appear in the NRC’s electronic hearing docket, which is available to the public at http:// ehd1.nrc.gov/ehd, unless excluded pursuant to an order of the Commission, or the presiding officer. Participants are requested not to include personal privacy information, such as social security numbers, home addresses, or home phone numbers in their filings, unless an NRC regulation or other law requires submission of such information. With respect to copyrighted works, except for limited excerpts that serve the purpose of the adjudicatory filings and would constitute a Fair Use application, participants are requested not to include copyrighted materials in their submissions. If a person other than the licensee requests a hearing, that person shall set forth with particularity the manner in which his interest is adversely affected by this Order and shall address the criteria set forth in 10 CFR 2.309(d) and (f). PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 In the absence of any request for hearing, or written approval of an extension of time in which to request a hearing, the provisions specified in Section V above shall be final 30 days from the date of this Order without further order or proceedings. If an extension of time for requesting a hearing has been approved, the provisions specified in Section V shall be final when the extension expires if a hearing request has not been received. For the Nuclear Regulatory Commission Dated at Rockville, Maryland this 20th of February 2013. Roy P. Zimmerman, Director, Office of Enforcement. [FR Doc. 2013–04529 Filed 2–26–13; 8:45 am] BILLING CODE 7590–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meetings Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold a Closed Meeting on Friday, March 1, 2013 at 12:30 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters also may be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the scheduled matters at the Closed Meeting. Commissioner Gallagher, as duty officer, voted to consider the items listed for the Closed Meeting in a closed session. The subject matter of the Closed Meeting will be: Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings; Other matters relating to enforcement proceedings; and An adjudicatory matter. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact the Office of the Secretary at (202) 551–5400. E:\FR\FM\27FEN1.SGM 27FEN1 Federal Register / Vol. 78, No. 39 / Wednesday, February 27, 2013 / Notices Dated: February 22, 2013. Elizabeth M. Murphy, Secretary. [FR Doc. 2013–04651 Filed 2–25–13; 11:15 am] A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change BILLING CODE 8011–01–P 1. Purpose SECURITIES AND EXCHANGE COMMISSION [Release No. 34–68965; File No. SR–BOX– 2013–08] Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing of Proposed Rule Change To Reduce the Directed Order Exposure Period on BOX From Three Seconds to One Second February 21, 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 15, 2013, BOX Options Exchange LLC (the ‘‘Exchange’’) 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 from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to reduce the exposure period for Directed Orders from three seconds to one second. The text of the proposed rule change is available from the principal office of the Exchange, at the Commission’s Public Reference Room and also on the Exchange’s Internet Web site at http:// boxexchange.com. erowe on DSK2VPTVN1PROD with NOTICES 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 self-regulatory organization 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 self-regulatory organization has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Mar<15>2010 15:18 Feb 26, 2013 Jkt 229001 The Exchange proposes to amend Rules [sic] 8040(d)(6) (Obligations of Market Makers) to reduce the exposure period for Directed Orders from three seconds to one second.3 Based on trading systems technology today, an exposure period of multiple seconds is simply unnecessary.4 Additionally, such lengthy time periods expose market participants to additional, and because of current systems technology, unnecessary, market risk. Currently, upon receipt of a Directed Order, an Executing Participant (‘‘EP’’) must either submit the Directed Order to the Price Improvement Period (‘‘PIP’’) 5 or send the Directed Order to the BOX Book. When the EP sends the Directed Order to the BOX Book and the EP’s quotation on the opposite side of the market from the Directed Order is equal to the National Best Bid or Offer (‘‘NBBO’’) and the Directed Order is also executable against the NBBO, the BOX Trading Host immediately takes down the EP’s quote and guarantees the EP’s execution of the Directed Order for at least the price and size of the EP’s quote (‘‘Guaranteed Directed Order’’ or ‘‘GDO’’). Once the GDO has been generated by the Trading Host, the EP is systemically prohibited from posting a quotation for three seconds. The 3 A Directed Order is any Customer Order to buy or sell which has been directed to a particular Market Maker by an Order Flow Provider (‘‘OFP’’). See Rule 100(a)(19). Note that the Exchange is not proposing any change to the 3 second period in Rule 8040(d)(4) that an Executing Participant has to take action after receipt of a Directed Order. The exposure period that the Exchange proposes amending in this proposal occurs after a Directed Order is sent to the BOX Book. 4 See Securities Exchange Act Release Nos. 59638 (March 27, 2009), 74 FR 15020 (April 2, 2009) (SR– BX–2009–015) (Order Granting Approval of Reduction of Certain Order Handling and Exposure Periods on BOX From Three Seconds to One Second), and 66306 (February 2, 2012), 77 FR 6608 (February 8, 2012) (SR–BX–2011–084) (Order Granting Approval to Reduce the PIP From One Second to One Hundred Milliseconds). Note that in connection with both proposals, BOX distributed a survey to Participants. The results indicated that the time it takes a message to travel between BOX and the Participants typically is not more than 50 milliseconds each way, and that it typically takes not more than 10 milliseconds for Participant systems to process the information and generate a response. The speed at which technology systems can process information has only increased since then. As such, the Exchange believes that the information gathered from Participants supports the assertion that reducing the exposure period from 3 seconds to 1 second will continue to provide Participants with sufficient time to ensure effective interaction with orders. 5 See Rule 8040(d). PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 13387 Exchange proposes to reduce the time period of the GDO from three seconds to one second. This proposed change will reduce the EP’s market risk related to the GDO and accommodate faster processing as current technology systems allow. The EP’s pending quote will not be released until either (i) the Directed Order is modified by the submitting OFP; 6 (ii) the EP submits the Directed Order to the PIP; or (iii) the Directed Order is submitted to the BOX Book, and one of the following occurs: (a) the Directed Order trades in full; (b) the Directed Order exposition ends; or (c) the Directed Order is modified or cancelled by the submitting OFP during such exposition. When the EP does not submit the Directed Order to the PIP, but rather, releases it to the BOX Book, the Directed Order immediately executes against the BOX Book if the BOX Best Bid or Offer is equal to or better than the NBBO and GDO. Any remaining quantity not executed is exposed to BOX Participants at the better of the NBBO or GDO price for three (3) seconds, during which time any Options Participant, except for the EP as outlined above, may submit an order to the BOX Book in response. Any orders submitted to the BOX Book during the three second exposure period execute immediately against any remaining quantity of the Directed Order, in time priority. The Exchange proposes to reduce this exposure and response period to one second as the three second processing time is unnecessary.7 If a Directed Order is not executable against the current NBBO, then the Trading Host exposes the order at the better GDO price for three (3) seconds. During the exposure period when the Directed Order is executable against the current NBBO, the EP must not decrement the size, worsen the price of his GDO or submit a contra order. Because the Trading Host automatically creates the GDO and shelves the EP’s quote, it does not process such changes 6 See 8040(d)(5). If the Directed Order is modified once the Trading Host has automatically established the GDO, then the modified Directed Order is no longer considered a Directed Order and is immediately released to the BOX Book and treated as a regular order. Upon modification or cancellation of the Directed Order, the Trading Host immediately reestablish the EP’s quote, including any of the EP’s pending quote modifications, with a new time priority; or in the case of a pending quote cancellation, the EP’s quote is cancelled. Also, it is considered conduct inconsistent with just and equitable principles of trade for any Options Participant or person to communicate with an EP about the terms or conditions of a Directed Order prior to its outcome in the BOX Trading Host (e.g. execution, cancellation). 7 Supra, note 4. E:\FR\FM\27FEN1.SGM 27FEN1

Agencies

[Federal Register Volume 78, Number 39 (Wednesday, February 27, 2013)]
[Notices]
[Pages 13386-13387]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-04651]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meetings

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Public Law 94-409, that the Securities 
and Exchange Commission will hold a Closed Meeting on Friday, March 1, 
2013 at 12:30 p.m.
    Commissioners, Counsel to the Commissioners, the Secretary to the 
Commission, and recording secretaries will attend the Closed Meeting. 
Certain staff members who have an interest in the matters also may be 
present.
    The General Counsel of the Commission, or his designee, has 
certified that, in his opinion, one or more of the exemptions set forth 
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 
200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the 
scheduled matters at the Closed Meeting.
    Commissioner Gallagher, as duty officer, voted to consider the 
items listed for the Closed Meeting in a closed session.
    The subject matter of the Closed Meeting will be:

Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings;
Other matters relating to enforcement proceedings; and
An adjudicatory matter.

    At times, changes in Commission priorities require alterations in 
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have 
been added, deleted or postponed, please contact the Office of the 
Secretary at (202) 551-5400.


[[Page 13387]]


    Dated: February 22, 2013.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2013-04651 Filed 2-25-13; 11:15 am]
BILLING CODE 8011-01-P