Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Schedule, 14392-14394 [2013-04993]
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14392
Federal Register / Vol. 78, No. 43 / Tuesday, March 5, 2013 / Notices
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
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 5 and paragraph (f) of Rule
19b–4 6 thereunder. At any time within
60 days of the filing of the proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission will institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
emcdonald on DSK67QTVN1PROD 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–2013–023 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–2013–023. 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 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–
2013–023, and should be submitted on
or before March 26, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–04992 Filed 3–4–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68999; File No. SR–C2–
2013–010]
Self-Regulatory Organizations; C2
Options Exchange, Incorporated;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend the Fees Schedule
February 27, 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
20, 2013, C2 Options Exchange,
Incorporated (the ‘‘Exchange’’ or ‘‘C2’’)
filed with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, 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.
7 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
5 15
U.S.C. 78s(b)(3)(A).
6 17 CFR 240.19b–4(f).
VerDate Mar<15>2010
15:14 Mar 04, 2013
1 15
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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.c2exchange.com/Legal/), 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
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
Fees Schedule with regard to the data
reports it provides to Trading Permit
Holders (‘‘TPHs’’), Options Clearing
Company (‘‘OCC’’) firms and other
interested parties at their requests.
These persons and organizations often
approach the Exchange and request that
the Exchange prepare and provide
various reports regarding their trading
activity. The production of these reports
sometimes requires that employees put
in a significant amount of time and
work to write and develop the programs
necessary to be able to run or generate
such reports. Currently, Section 9 of the
Fees Schedule (‘‘Miscellaneous’’)
merely states that ‘‘Ad Hoc Information
Services Requests’’ are provided at
production costs. The Exchange
proposes to eliminate this statement and
replace it with a more comprehensive,
consistent and standard structure
regarding the provision of Exchange
data reports (including those being
deleted).
The Exchange proposes to establish
three different tiers of data report
requests. The first, most basic tier
(referred to as ‘‘C Level’’ requests) will
regard requests for standard reports
regularly generated and run by the
Exchange and made available on a daily,
weekly or monthly basis (for example,
Monthly LP Scorecard, Daily Firm
E:\FR\FM\05MRN1.SGM
05MRN1
Federal Register / Vol. 78, No. 43 / Tuesday, March 5, 2013 / Notices
emcdonald on DSK67QTVN1PROD with NOTICES
Report, etc.) that do not require
historical data generation,
customization beyond a standard format
(PDF, HTML, etc.) or distribution
frequency (daily, weekly, monthly, etc.),
or specialized development. There will
be no cost for such requests, regardless
of whether they are one-time, initial, or
daily, weekly, or monthly requests.
The second tier (referred to as ‘‘B
Level’’ requests) will regard initial
report requests (or enhancements to
existing report subscriptions) that
require less than one (1) man-hour to
develop and/or generate. The [sic] will
be no cost for such requests. The third
tier (referred to as ‘‘A Level’’ requests)
will regard initial report requests (or
enhancements to existing subscriptions)
that require one (1) or more man-hours
to develop and/or generate. The cost for
such requests will be $100 for first 5
man-hours and $100 per hour for each
additional man-hour. Fees for reports
will be estimated in advance and such
estimates will be provided to the
requester. If the estimate changes once
creation of the report begins, a revised
estimate will be provided to the
requester. For parties requesting to
receive B or A Level reports on a
recurring basis, subscriptions to such
reports will be provided at a cost of
$100 per month for monthly reports and
$200 per month for daily or weekly
reports.
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 Section 6(b)(4)
of the Act,4 which requires that
Exchange rules provide for the equitable
allocation of reasonable dues, fees, and
other charges among its Trading Permit
Holders and other persons using its
facilities. The Exchange believes that
the proposed new fee structure for data
reports is reasonable because it is
designed to reflect the Exchange’s costs
in creating such reports. The Exchange
believes that the proposed new fee
structure for data reports is equitable
and not unfairly discriminatory because
it will apply to all requesting parties
equally. The Exchange believes it is
equitable and not unfairly
discriminatory to assess no fees for C
Level reports because these are standard
reports that do not require specific
development, customization or
3 15
4 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
VerDate Mar<15>2010
15:14 Mar 04, 2013
Jkt 229001
generation. The Exchange believes that
it is equitable and not unfairly
discriminatory to assess no fees for
initial B Level requests because these
reports do not require very much (less
than one man-hour) work on the
Exchange’s part to create and produce.
The Exchange believes that it is
equitable and not unfairly
discriminatory to assess a fee of $100 for
the first five man-hours of work for A
Level requests because these reports
take at least one man-hour of work on
the Exchange’s part to develop and
generate and the Exchange must begin
to recoup the costs of such work, while
still desiring to be able to provide
requesting market participants with a
reasonable amount of information to
assist them. The Exchange believes that
it is equitable and not unfairly
discriminatory to assess a fee of $100
per man-hour above five hours for A
Level requests because such requests
can take up a significant amount of
Exchange resources and at this point the
Exchange must begin to be more fullycompensated for dedicating resources to
these tasks. The Exchange believes that
it is equitable and not unfairly
discriminatory to assess subscription
fees for requests for information on a
more regular basis (as opposed to reassessing the initial fees) because the
development for such work has already
been done.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
C2 does not believe that the proposed
rule change will impose any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act. The Exchange does
not believe that the proposed fees
structure will impose an unnecessary
burden on intramarket competition
because it will apply equally to all
requesting parties. The Exchange does
not believe that the proposed fees
structure will impose an unnecessary
burden on intermarket competition
because the Exchange is providing
reports specific to activity on C2, and
other exchanges may provide reports
specific to activity on those exchanges,
and the costs for development,
generation and production of such
reports may be different on those
exchanges. Further, to the extent that
the proposed fees structure for data
reports may attract market participants
on other exchanges to C2, such market
participants can always elect to become
C2 market participants.
PO 00000
Frm 00130
Fmt 4703
Sfmt 4703
14393
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
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 5 and paragraph (f) of Rule
19b–4 6 thereunder. At any time within
60 days of the filing of the proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission will institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• 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–C2–2013–010 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–C2–2013–010. 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
5 15
6 17
E:\FR\FM\05MRN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).
05MRN1
14394
Federal Register / Vol. 78, No. 43 / Tuesday, March 5, 2013 / Notices
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 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–
2013–010, and should be submitted on
or before March 26, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–04993 Filed 3–4–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–69002; File No. SR–EDGA–
2013–08]
Self-Regulatory Organizations; EDGA
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend EDGA Rules
1.5, 11.5, 11.8, 11.9 and 11.14 in
Connection With the Implementation of
the National Market System Plan To
Address Extraordinary Market
Volatility
emcdonald on DSK67QTVN1PROD with NOTICES
February 27, 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
13, 2013, EDGA Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGA’’) 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
7 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
15:14 Mar 04, 2013
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rules 1.5, 11.5, 11.8, 11.9 and 11.14
regarding the implementation of the
National Market System Plan to Address
Extraordinary Market Volatility (as
amended, the ‘‘Plan’’) as approved by
the Securities and Exchange
Commission.3 All of the changes
described herein are applicable to EDGA
Members. The text of the proposed rule
change is available on the Exchange’s
Internet Web site at
www.directedge.com, at the Exchange’s
principal office, on the Commission’s
Internet Web site at www.sec.gov, 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
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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
EDGA proposes to amend Rules 1.5,
11.5, 11.8, 11.9 and 11.14 in connection
with the implementation of the Plan.
Background
On April 5, 2011, NYSE Euronext, on
behalf of the New York Stock Exchange
LLC (‘‘NYSE’’), NYSE Amex LLC, and
NYSE Arca, Inc. (‘‘Arca’’), and the
following parties to the Plan: BATS
Exchange, Inc., BATS Y-Exchange, Inc.
(together, ‘‘BATS’’), Chicago Board
Options Exchange, Incorporated,
Chicago Stock Exchange, Inc., EDGA,
EDGX Exchange, Inc., Financial
Industry Regulatory Authority, Inc.,
NASDAQ OMX BX, Inc., NASDAQ
OMX PHLX LLC, the Nasdaq Stock
Market LLC, and National Stock
3 See Securities Exchange Release No. 67091 (May
31, 2012), 77 FR 33498 (June 6, 2012) (approving
the Plan on a pilot basis).
1 15
VerDate Mar<15>2010
solicit comments on the proposed rule
change from interested persons.
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Exchange, Inc. (collectively with NYSE,
NYSE MKT, and Arca, the
‘‘Participants’’), filed with the
Commission pursuant to Section 11A of
the Securities Exchange Act of 1934
(‘‘Act’’),4 and Rule 608 thereunder,5 the
Plan to create a market-wide limit uplimit down (‘‘LULD’’) mechanism that is
intended to address extraordinary
market volatility in NMS Stocks.6 The
Plan sets forth procedures that provide
for market-wide LULD requirements
that would be designed to prevent
trades in individual NMS Stocks from
occurring outside of specified price
bands. These LULD requirements would
be coupled with trading pauses 7 to
accommodate more fundamental price
moves (as opposed to erroneous trades
or momentary gaps in liquidity).
The price bands would consist of a
Lower Price Band (the ‘‘Lower Price
Band’’) and an Upper Price Band (the
‘‘Upper Price Band’’—each a ‘‘Price
Band’’ and, together with the Lower
Price Band, the ‘‘Price Bands’’) for each
NMS Stock. The Price Bands would be
calculated by the Securities Information
Processors (the ‘‘SIP’’ or ‘‘Processors’’)
responsible for consolidation of
information for an NMS Stock pursuant
to Rule 603(b) of Regulation NMS under
the Act.8 The Price Bands would be
based on a Reference Price 9 that equals
the arithmetic mean price of Eligible
Reported Transactions 10 for the NMS
Stock over the immediately preceding
five-minute period. The Price Bands for
an NMS Stock would be calculated by
applying the Percentage Parameter 11 for
4 15
U.S.C. 78k–1.
CFR 242.608.
6 See Letter from Janet M. McGinness, Senior Vice
President, Legal and Corporate Secretary, NYSE
Euronext, to Elizabeth M. Murphy, Secretary,
Commission, dated April 5, 2011 (‘‘Transmittal
Letter’’). The term ‘‘NMS Stock’’ shall have the
meaning provided in Rule 600(b)(47) of Regulation
NMS under the Act.
7 As defined in Section I(X) of the Plan.
8 17 CFR 242.603(b).
9 As defined in Section I(T) of the Plan.
10 As defined in the proposed Plan, Eligible
Reported Transactions would have the meaning
prescribed by the Operating Committee for the
proposed Plan, and generally mean transactions
that are eligible to update the sale price of an NMS
Stock.
11 As initially proposed by the Participants, the
Percentage Parameters for Tier 1 NMS Stocks (i.e.,
stocks in the S&P 500 Index or Russell 1000 Index
and certain ETPs) with a Reference Price of $1.00
or more would be five percent and less than $1.00
would be the lesser of (a) $0.15 or (b) 75 percent.
The Percentage Parameters for Tier 2 NMS Stocks
(i.e., all NMS Stocks other than those in Tier 1) with
a Reference Price of $1.00 or more would be 10
percent and less than $1.00 would be the lesser of
(a) $0.15 or (b) 75 percent. The Percentage
Parameters for a Tier 2 NMS Stock that is a
leveraged ETP would be the applicable Percentage
Parameter set forth above multiplied by the leverage
ratio of such product. On May 24, 2012, the
5 17
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]]>Agencies
[Federal Register Volume 78, Number 43 (Tuesday, March 5, 2013)]
[Notices]
[Pages 14392-14394]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-04993]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68999; File No. SR-C2-2013-010]
Self-Regulatory Organizations; C2 Options Exchange, Incorporated;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Amend the Fees Schedule
February 27, 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 20, 2013, C2 Options Exchange, Incorporated (the
``Exchange'' or ``C2'') filed with the Securities and Exchange
Commission (the ``Commission'') the proposed rule change as described
in Items I, 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.
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
\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.c2exchange.com/Legal/), 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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its Fees Schedule with regard to the
data reports it provides to Trading Permit Holders (``TPHs''), Options
Clearing Company (``OCC'') firms and other interested parties at their
requests. These persons and organizations often approach the Exchange
and request that the Exchange prepare and provide various reports
regarding their trading activity. The production of these reports
sometimes requires that employees put in a significant amount of time
and work to write and develop the programs necessary to be able to run
or generate such reports. Currently, Section 9 of the Fees Schedule
(``Miscellaneous'') merely states that ``Ad Hoc Information Services
Requests'' are provided at production costs. The Exchange proposes to
eliminate this statement and replace it with a more comprehensive,
consistent and standard structure regarding the provision of Exchange
data reports (including those being deleted).
The Exchange proposes to establish three different tiers of data
report requests. The first, most basic tier (referred to as ``C Level''
requests) will regard requests for standard reports regularly generated
and run by the Exchange and made available on a daily, weekly or
monthly basis (for example, Monthly LP Scorecard, Daily Firm
[[Page 14393]]
Report, etc.) that do not require historical data generation,
customization beyond a standard format (PDF, HTML, etc.) or
distribution frequency (daily, weekly, monthly, etc.), or specialized
development. There will be no cost for such requests, regardless of
whether they are one-time, initial, or daily, weekly, or monthly
requests.
The second tier (referred to as ``B Level'' requests) will regard
initial report requests (or enhancements to existing report
subscriptions) that require less than one (1) man-hour to develop and/
or generate. The [sic] will be no cost for such requests. The third
tier (referred to as ``A Level'' requests) will regard initial report
requests (or enhancements to existing subscriptions) that require one
(1) or more man-hours to develop and/or generate. The cost for such
requests will be $100 for first 5 man-hours and $100 per hour for each
additional man-hour. Fees for reports will be estimated in advance and
such estimates will be provided to the requester. If the estimate
changes once creation of the report begins, a revised estimate will be
provided to the requester. For parties requesting to receive B or A
Level reports on a recurring basis, subscriptions to such reports will
be provided at a cost of $100 per month for monthly reports and $200
per month for daily or weekly reports.
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 Section 6(b)(4) of the Act,\4\ which requires that
Exchange rules provide for the equitable allocation of reasonable dues,
fees, and other charges among its Trading Permit Holders and other
persons using its facilities. The Exchange believes that the proposed
new fee structure for data reports is reasonable because it is designed
to reflect the Exchange's costs in creating such reports. The Exchange
believes that the proposed new fee structure for data reports is
equitable and not unfairly discriminatory because it will apply to all
requesting parties equally. The Exchange believes it is equitable and
not unfairly discriminatory to assess no fees for C Level reports
because these are standard reports that do not require specific
development, customization or generation. The Exchange believes that it
is equitable and not unfairly discriminatory to assess no fees for
initial B Level requests because these reports do not require very much
(less than one man-hour) work on the Exchange's part to create and
produce. The Exchange believes that it is equitable and not unfairly
discriminatory to assess a fee of $100 for the first five man-hours of
work for A Level requests because these reports take at least one man-
hour of work on the Exchange's part to develop and generate and the
Exchange must begin to recoup the costs of such work, while still
desiring to be able to provide requesting market participants with a
reasonable amount of information to assist them. The Exchange believes
that it is equitable and not unfairly discriminatory to assess a fee of
$100 per man-hour above five hours for A Level requests because such
requests can take up a significant amount of Exchange resources and at
this point the Exchange must begin to be more fully-compensated for
dedicating resources to these tasks. The Exchange believes that it is
equitable and not unfairly discriminatory to assess subscription fees
for requests for information on a more regular basis (as opposed to re-
assessing the initial fees) because the development for such work has
already been done.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f(b).
\4\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
C2 does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange does not believe
that the proposed fees structure will impose an unnecessary burden on
intramarket competition because it will apply equally to all requesting
parties. The Exchange does not believe that the proposed fees structure
will impose an unnecessary burden on intermarket competition because
the Exchange is providing reports specific to activity on C2, and other
exchanges may provide reports specific to activity on those exchanges,
and the costs for development, generation and production of such
reports may be different on those exchanges. Further, to the extent
that the proposed fees structure for data reports may attract market
participants on other exchanges to C2, such market participants can
always elect to become C2 market participants.
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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \5\ and paragraph (f) of Rule 19b-4 \6\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(f).
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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-C2-2013-010 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-C2-2013-010. 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
[[Page 14394]]
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 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-C2-2013-010, and should be submitted on or before March
26, 2013.
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\7\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-04993 Filed 3-4-13; 8:45 am]
BILLING CODE 8011-01-P
