Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating To Trading QCC and PIXL Orders in Mini Options, 19556-19559 [2013-07477]
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or providing any rebates for executions
in Mini Options. The Exchange believes
that this is a reasonable, fair and
equitable approach to pricing,
particularly because the Exchange does
not have any specific advanced
knowledge of how market participants
will react to the introduction of Mini
Options products. Further, the Exchange
believes that the proposal is reasonable
because a high level of fees for the
execution of Mini Options could negate
the viability of such products given the
other execution costs market
participants will bear, including, but not
limited to, clearing fees. In addition, the
Exchange believes that this structure is
a fair and equitable approach to pricing
because it provides certainty for market
participants with respect to execution
costs across all trades in Mini Options
on the Exchange. Lastly, the Exchange
also believes that the proposed pricing
for Mini Options is non-discriminatory
because it will apply equally to all
Members.
The Exchange notes that this proposal
is not increasing fees or decreasing
rebates for any existing products traded
on or routed by BATS Options, but
rather, the proposal only propose to
introduce a pricing structure for Mini
Options, which will be available to
trade on BATS Options on March 18,
2013.
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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 not
necessary or appropriate in furtherance
of the purposes of the Act. To the
contrary, the Exchange notes that this
rule change is being proposed as a
competitive offering at a time when
many other options exchanges are
commencing trading of Mini Options.
As a result of the competitive
environment, market participants will
have various pricing models to choose
from in making determinations on
where to execute transactions in Mini
Options. As stated above, the Exchange
notes that it operates in a highly
competitive market in which market
participants can readily direct order
flow to competing venues if they deem
fee levels to be excessive if they deem
fee levels to be excessive.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any written
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15:34 Mar 29, 2013
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comments from members or other
interested parties.
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 16 and paragraph (f) of Rule
19b–4 thereunder.17 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.
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–BATS–2013–020 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–BATS–2013–020. 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
16 15
17 17
PO 00000
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f).
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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–BATS–
2013–020 and should be submitted on
or before April 22, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2013–07473 Filed 3–29–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–69241; File No. SR–Phlx–
2013–36]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating To
Trading QCC and PIXL Orders in Mini
Options
March 26, 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 March 26,
2013, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or ‘‘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 Exchange. 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 proposes to address the
manner in which options contracts
overlying 10 shares of a security (‘‘Mini
Options’’) will trade in a PIXL 3 auction
18 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 PIXL is the Exchange’s price improvement
mechanism known as Price Improvement XL or
(PIXLSM). See Rule 1080(n).
1 15
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or as a Qualified Contingent Cross
(‘‘QCC’’) Order.4
The text of the proposed rule change
is available on the Exchange’s Web site
at https://www.nasdaqtrader.com/
micro.aspx?id=PHLXRulefilings, 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
Statutory Basis for, the Proposed Rule
Change
6 See
1. Purpose
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Exchange Rule 1080(n).
Exchange Rule 1080(o). The Exchange is
also proposing to amend Rule 1064 entitled
‘‘Crossing, Facilitation and Solicited Orders,’’ as
this rule also describes the manner in which QCC
Orders shall trade on Phlx.
8 Regarding PIXL Orders of fewer than 50
contracts, the Exchange has undertaken to provide
the following information on a monthly basis
during the pilot period: (1) The number of orders
of fewer than 50 contracts entered into the PIXL
Auction; (2) The percentage of all orders of fewer
than 50 contracts sent to Phlx that are entered into
the PIXL Auction; (3) The percentage of all Phlx
trades represented by orders of fewer than 50
contracts; (4) The percentage of all Phlx trades
effected through the PIXL Auction represented by
orders of fewer than 50 contracts; (5) The
percentage of all contracts traded on Phlx
represented by orders of fewer than 50 contracts; (6)
The percentage of all contracts effected through the
PIXL Auction represented by orders of fewer than
50 contracts; (7) The spread in the option, at the
time an order of fewer than 50 contracts is
submitted to the PIXL Auction; (8) The number of
orders of 50 contracts or greater entered into the
PIXL Auction; (9) The percentage of all orders of
50 contracts or greater sent to Phlx that are entered
into the PIXL Auction; (10) The spread in the
option, at the time an order of 50 contracts or
greater is submitted to the PIXL Auction; (11) Of
PIXL trades where the PIXL Order is for the account
of a public customer, and is for a size of fewer than
50 contracts, the percentage done at the NBBO plus
$ .01, plus $ .02, plus $ .03, etc.; (12) Of PIXL trades
where the PIXL Order is for the account of a public
customer, and is for a size of 50 contracts or greater,
the percentage done at the NBBO plus $ .01, plus
$ .02, plus $ .03, etc.; and (13) Of PIXL trades where
the PIXL Order is for the account of a broker dealer
or any other person or entity that is not a public
customer, and is for a size of fewer than 50
contracts, the percentage done at the NBBO plus $
.01, plus $ .02, plus $ .03, etc. (14) Of PIXL trades
where the PIXL Order is for the account of a broker
dealer or any other person or entity that is not a
public customer, and is for a size of 50 contracts
7 See
The purpose of the proposed rule
change is to further clarify the manner
in which Mini Options will trade in a
PIXL auction or as a QCC Order
pursuant to Exchange Rule 1080. The
Exchange previously filed to list and
trade Mini Options.5 Exchange Rule
1080 entitled ‘‘Phlx XL and Phlx XL II’’
describes the manner in which PIXL
4 A QCC Order is comprised of an order to buy
or sell at least 1000 contracts that is identified as
being part of a qualified contingent trade, as that
term is defined in Rule 1080(o)(3), coupled with a
contra-side order to buy or sell an equal number of
contracts. The QCC Order must be executed at a
price at or between the National Best Bid and Offer
(‘‘NBBO’’) and be rejected if a Customer order is
resting on the Exchange book at the same price. A
QCC Order shall only be submitted electronically
from off the floor to the PHLX XL II System. See
Rule 1080(o). See also Securities Exchange Act
Release No. 64249 (April 7, 2011), 76 FR 20773
(April 13, 2011) (SR–Phlx–2011–47) (a rule change
to establish a QCC Order to facilitate the execution
of stock/option Qualified Contingent Trades
(‘‘QCTs’’) that satisfy the requirements of the trade
through exemption in connection with Rule 611(d)
of the Regulation NMS).
5 See Securities Exchange Act Release No. 68132
(November 1, 2012), 77 FR 66904 (November 7,
2012) (SR–Phlx–2012–126). The Exchange amended
amend [sic] Rules 1001 (Position Limits), 1012
(Series of Options Open for Trading) and 1033 (Bids
and Offers—Premium) to list and trade Mini
Options overlying five (5) high-priced securities for
which the standard contract overlying the same
security exhibits significant liquidity. Specifically,
the Exchange filed to list Mini Options on SPDR
S&P 500 (‘‘SPY’’), Apple, Inc. (‘‘AAPL’’), SPDR Gold
Trust (‘‘GLD’’), Google Inc. (‘‘GOOG’’) and
Amazon.com Inc. (‘‘AMZN’’).
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orders 6 and QCC Orders 7 trade on the
Exchange. The Exchange will describe
below the manner in which it seeks to
clarify Rules 1064 and 1080 with
respect to Mini Options.
With respect to PIXL, Rule 1080(n)
specifies that a member may
electronically submit for execution an
order it represents as agent on behalf of
a public customer, broker dealer, or any
other entity (‘‘PIXL Order’’) against
principal interest or against any other
order (except as provided in Rule
1080(n)(i)(E)) it represents as agent (an
‘‘Initiating Order’’) provided it submits
the PIXL Order for electronic execution
into the PIXL Auction (‘‘Auction’’)
pursuant to this Rule. The Exchange is
proposing to clarify that with respect to
Mini Options, the same contract size
shall apply consistent with standard
options. The Exchange proposes to add
a sentence to Rule 1080(n) to note that
a Mini Options PIXL Order will trade
consistent with standard options.
Today the Exchange provides the
Commission certain PIXL pilot reports,
including, but not limited to orders of
fewer than 50 contracts into the PIXL
Auction.8 The Exchange will also
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submit to the Commission these same
reports with respect to Mini Options for
PIXL Orders fewer than 500 contracts as
well as the pilot reports for Mini
Options in the other categories.9 The
or greater, the percentage done at the NBBO plus
$ .01, plus $ .02, plus $ .03, etc.; and (15) The
number of orders submitted by Initiating Members
when the spread was $ .05, $ .10, $ .15, etc. For
each spread, specify the percentage of contracts in
orders of fewer than 50 contracts submitted to the
PIXL Auction that were traded by: (a) The Initiating
Member that submitted the order to the PIXL; (b)
Phlx Market Makers assigned to the class; (c) other
Phlx members; (d) Public Customer Orders; and (e)
unrelated orders (orders in standard increments
entered during the PIXL Auction). For each spread,
also specify the percentage of contracts in orders of
50 contracts or greater submitted to the PIXL
Auction that were traded by: (a) the Initiating
Member that submitted the order to the PIXL
Auction; (b) Phlx market makers assigned to the
class; (c) other Phlx members; (d) Public Customer
Orders; and (e) unrelated orders (orders in standard
increments entered during the PIXL Auction). See
Securities Exchange Act Release Nos. 63027
(October 1, 2010), 75 FR 62160 (October 7, 2010)
(SR–Phlx–2010–108) (initial order approving PIXL),
65043 (August 5, 2011), 76 FR 49824 (August 11,
2011), (SR–Phlx–2011–104) (order extending the
PIXL pilot program through July 18, 2012); 67399
(July 11, 2012), 77 FR 42048 (July 17, 2012) (SR–
Phlx–2012–94) (order extending the PIXL pilot
program through July 18, 2013). The PIXL pilot
period is set to expire on July 18, 2013. See Rule
1080(n).
9 In the order approving PIXL, the Exchange
undertook to provide the Commission with the
below information on a monthly basis during the
pilot period in addition to the other pilot reports
noted herein. The Exchange will provide Mini
Options pilot reports for the following categories in
addition to the reports noted above, except for
reports requiring orders of 50 contracts the
Exchange would instead provide reports for orders
of 500 contracts with respect to Mini Options: (1)
The number of times that the PBBO crossed the
PIXL Order stop price on the same side of the
market as the PIXL Order and prematurely ended
the PIXL Auction, and at what time the PIXL
Auction ended; (2) The number of times that a
trading halt prematurely ended the PIXL auction
and at what time the trading halt ended the PIXL
Auction; (3) Of the Auctions terminated early due
to the PBBO crossing the PIXL order stop price, the
number that resulted in price improvement over the
PIXL Order stop price, and the average amount of
price improvement provided to the PIXL Order; (4)
In the Auctions terminated early due to the PBBO
crossing the PIXL order stop price, the percentage
of contracts that received price improvement over
the PIXL order stop price; (5) Of the Auctions
terminated early due to a trading halt, the number
that resulted in price improvement over the PIXL
Order stop price, and the average amount of price
improvement provided to the PIXL Order; (6) In the
auctions terminated early due to a trading halt, the
percentage of contracts that received price
improvement over the PIXL order stop price; and
(7) The average amount of price improvement
provided to the PIXL Order when the PIXL Auction
is not terminated early (i.e., runs the full one
second). (8) The number of times an unrelated
market or marketable limit order (against the PBBO)
on the opposite side of the PIXL Order is received
during the Auction Period; and (9) The price(s) at
which an unrelated market or marketable limit
order (against the PBBO) on the opposite side of the
PIXL Order that is received during the Auction
Period is executed, compared to the execution price
of the PIXL Order. Regarding PIXL auto-match, the
Exchange has undertaken to provide the following
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Exchange will provide this information
for a particular month not later than the
last business day of the subsequent
month, as is the case with other PIXL
pilot reports.
With respect to QCC Orders,
Exchange Rule 1080(o) provides that a
QCC Order is comprised of an order to
buy or sell at least 1000 contracts that
is identified as being part of a qualified
contingent trade, as that term is defined
in subsection [sic] Rule 1080(o)(3),
coupled with a contra-side order to buy
or sell an equal number of contracts.
The Exchange proposes to permit Mini
Option QCC Orders to be defined as an
order to buy or sell at least 10,000
contracts, instead of 1,000 contracts.
information on a monthly basis during the pilot
period: (1) The percentage of all Phlx trades effected
through the PIXL Auction in which the Initiating
Member has chosen the auto-match feature, and the
average amount of price improvement provided to
the PIXL Order when the Initiating Member has
chosen the auto-match feature vs. the average
amount of price improvement provided to the PIXL
Order when the Initiating Member has chosen a
stop price submission. Regarding competition, the
Exchange has undertaken to provide the following
information on a monthly basis during the pilot
period: (1) For the first Wednesday of each month:
(a) The total number of PIXL auctions on that date;
(b) the number of PIXL auctions where the order
submitted to the PIXL was fewer than 50 contracts;
(c) the number of PIXL auctions where the order
submitted to the PIXL was 50 contracts or greater;
(d) the number of PIXL auctions (for orders of fewer
than 50 contracts) with 0 participants (excluding
the initiating participant), 1 participant (excluding
the initiating participant), 2 participants (excluding
the initiating participant), 3 participants (excluding
the initiating participant), 4 participants (excluding
the initiating participant), etc., and (e) the number
of PIXL auctions (for orders of 50 contracts or
greater) with 0 participants (excluding the initiating
participant), 1 participant (excluding the initiating
participant), 2 participants (excluding the initiating
participant), 3 participants (excluding the initiating
participant), 4 participants (excluding the initiating
participant), etc.; and (2) For the third Wednesday
of each month: (a) The total number of PIXL
auctions on that date; (b) the number of PIXL
auctions where the order submitted to the PIXL was
fewer than 50 contracts; (c) the number of PIXL
auctions where the order submitted to the PIXL was
50 contracts or greater; (d) the number of PIXL
auctions (for orders of fewer than 50 contracts) with
0 participants (excluding the initiating participant),
1 participant (excluding the initiating participant),
2 participants (excluding the initiating participant),
3 participants (excluding the initiating participant),
4 participants (excluding the initiating participant),
etc., and (e) the number of PIXL auctions (for orders
of 50 contracts or greater) with 0 participants
(excluding the initiating participant), 1 participant
(excluding the initiating participant), 2 participants
(excluding the initiating participant), 3 participants
(excluding the initiating participant), 4 participants
(excluding the initiating participant), etc. See
Securities Exchange Act Release Nos. 63027
(October 1, 2010), 75 FR 62160 (October 7, 2010)
(SR–Phlx–2010–108) (initial order approving PIXL),
65043 (August 5, 2011), 76 FR 49824 (August 11,
2011), (SR–Phlx–2011–104) (order extending the
PIXL pilot program through July 18, 2012); 67399
(July 11, 2012), 77 FR 42048 (July 17, 2012) (SR–
Phlx–2012–94) (order extending the PIXL pilot
program through July 18, 2013). The PIXL pilot
period is set to expire on July 18, 2013. See Rule
1080(n).
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15:34 Mar 29, 2013
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The Exchange proposes to add text to
Rule 1080(o) and Rule 1064(e) to note
the different quantity required to
transact QCC Orders in Mini Options.
The Exchange proposes to commence
trading Mini Options on March 28,
2013.10 The Exchange will not
commence trading of Mini Options
contracts until specific fees for Mini
Options contracts trading have been
filed with the Commission.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the
Securities and [sic] Exchange Act of
1934 (‘‘Exchange Act’’),11 in general,
and with Section 6(b)(5) of the Exchange
Act,12 in particular, in that the proposal
is designed to prevent fraudulent and
manipulative acts and practices, 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.
Specifically, the Exchange believes
that investors and other market
participants would benefit from the
current rule proposal because it would
allow market participants to take
advantage of legitimate investment
strategies and execute PIXL Orders and
QCC Orders in Mini Options.
Additionally, the Exchange believes the
proposed rule change will avoid
investor confusion by clarifying how
Mini Options will trade the same or
different as compared to standard
options with respect to PIXL Orders and
QCC Orders.
The Exchange believes that trading
PIXL Orders in Mini Options and
standard options in the same manner
will avoid investor confusion. Also, the
Exchange believes that the current PIXL
rules in Rule 1080(n) as applied to Mini
Options will promote just and equitable
principles of trade and continue to
permit fair competition. The Exchange
does not believe treating Mini Option
and standard option PIXL Orders in a
like manner creates any unfair
disadvantage to investors.
The Exchange believes that adjusting
the quantity of a QCC Orders [sic] in
Rule 1080(o) (applicable to electronic
10 The Exchange noted in SR–Phlx–2012–126 that
it would not commence trading of Mini Option
contracts until specific fees for Mini Options
contracts trading have been filed with the
Commission. See Securities Exchange Act Release
No. 68132 (November 1, 2012), 77 FR 66904
(November 7, 2012) (SR–Phlx–2012–126). The
Exchange has filed such fees. See SR–Phlx–2013–
35 (not yet published).
11 15 U.S.C. 78f.
12 15 U.S.C. 78f(b)(5).
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orders) and Rule 1064(e) (applicable to
floor orders) from 1,000 to 10,000
contracts with respect to QCC Orders
will protect investors by maintaining
the same number of underlying
securities for Mini Options as with
standard options. The Exchange
believes that maintaining the same
number of underlying securities will
prevent unfair discrimination among
market participants. All members are
eligible to transact PIXL Orders and
QCC Orders on Phlx.
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 not
necessary or appropriate in furtherance
of the purposes of the Act. All members
may transact PIXL Orders and QCC
Orders on Phlx. The rule change does
not permit unfair discrimination and
does not impose a burden on Members
with respect to trading Mini Options.
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: (1) Does not significantly affect
the protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) by its terms does not become
operative for 30 days after the date of
this filing, 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 13 and
Rule 19b–4(f)(6) thereunder.14
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative for 30 days after the
date of filing. However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange requests that the Commission
13 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
provide the Commission with 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, or such
shorter time as designated by the Commission. The
Exchange has fulfilled this requirement.
14 17
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Federal Register / Vol. 78, No. 62 / Monday, April 1, 2013 / Notices
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–Phlx–
2013–36 and should be submitted on or
before April 22, 2013.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Elizabeth M. Murphy,
Secretary.
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–Phlx–2013–36 on the
subject line.
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waive the 30-day operative delay so that
the proposed rule change may coincide
with the anticipated launch of trading in
Mini Options on the Exchange. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest.15 Waiver of the
operative delay will allow the Exchange
to implement its proposal consistent
with the anticipated commencement of
trading in Mini Options on the
Exchange on March 28, 2013. For these
reasons, the Commission designates the
proposed rule change as operative upon
filing.
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.
SECURITIES AND EXCHANGE
COMMISSION
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–Phlx–2013–36. 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
15 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
VerDate Mar<15>2010
15:34 Mar 29, 2013
Jkt 229001
[FR Doc. 2013–07477 Filed 3–29–13; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–69237; File No. SR–BATS–
2013–021]
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Related to Fees for Use
of BATS Exchange, Inc.
19559
proposed rule change effective upon
filing with the Commission. 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 proposes to amend the
fee schedule applicable to Members 5
and non-members of the Exchange
pursuant to BATS Rules 15.1(a) and (c).
Changes to the fee schedule pursuant to
this proposal are effective upon filing.
The text of the proposed rule change
is available at the Exchange’s Web site
at https://www.batstrading.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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
March 26, 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 March 18,
2013, BATS Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BATS’’) filed with the
Securities and Exchange Commission
(‘‘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 proposed rule change as
one establishing or changing a member
due, fee, or other charge imposed by the
Exchange under Section 19(b)(3)(A)(ii)
of the Act 3 and Rule 19b–4(f)(2)
thereunder,4 which renders the
1. Purpose
The Exchange proposes to modify
pricing applicable to the Exchange’s
options platform (‘‘BATS Options’’)
with respect to orders in Mini Options
routed by the Exchange and executed at
an away options exchange. Mini
Options overlie 10 equity or ETF shares,
rather than the standard 100 shares.6
Mini Options are currently approved on
the following five (5) underlying
securities: SPDR S&P 500 ETF (‘‘SPY’’),
Apple Inc. (‘‘AAPL’’), SPDR Gold Trust
(‘‘GLD’’), Google Inc. (‘‘GOOG’’), and
Amazon.com, Inc. (‘‘AMZN’’). BATS
16 17
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
PO 00000
Frm 00116
Fmt 4703
Sfmt 4703
5 A Member is any registered broker or dealer that
has been admitted to membership in the Exchange.
6 See Securities Exchange Act Release No. 69018
(March 1, 2013), 78 FR 15090 (March 8, 2013)
(Notice of filing and immediate effectiveness
allowing Mini Options to be listed and traded on
BATS Options) (SR–BATS–2013–013).
E:\FR\FM\01APN1.SGM
01APN1
]]>Agencies
[Federal Register Volume 78, Number 62 (Monday, April 1, 2013)]
[Notices]
[Pages 19556-19559]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-07477]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-69241; File No. SR-Phlx-2013-36]
Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating To
Trading QCC and PIXL Orders in Mini Options
March 26, 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 March 26, 2013, NASDAQ OMX PHLX LLC (``Phlx'' or ``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 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 address the manner in which options
contracts overlying 10 shares of a security (``Mini Options'') will
trade in a PIXL \3\ auction
[[Page 19557]]
or as a Qualified Contingent Cross (``QCC'') Order.\4\
---------------------------------------------------------------------------
\3\ PIXL is the Exchange's price improvement mechanism known as
Price Improvement XL or (PIXL\SM\). See Rule 1080(n).
\4\ A QCC Order is comprised of an order to buy or sell at least
1000 contracts that is identified as being part of a qualified
contingent trade, as that term is defined in Rule 1080(o)(3),
coupled with a contra-side order to buy or sell an equal number of
contracts. The QCC Order must be executed at a price at or between
the National Best Bid and Offer (``NBBO'') and be rejected if a
Customer order is resting on the Exchange book at the same price. A
QCC Order shall only be submitted electronically from off the floor
to the PHLX XL II System. See Rule 1080(o). See also Securities
Exchange Act Release No. 64249 (April 7, 2011), 76 FR 20773 (April
13, 2011) (SR-Phlx-2011-47) (a rule change to establish a QCC Order
to facilitate the execution of stock/option Qualified Contingent
Trades (``QCTs'') that satisfy the requirements of the trade through
exemption in connection with Rule 611(d) of the Regulation NMS).
---------------------------------------------------------------------------
The text of the proposed rule change is available on the Exchange's
Web site at https://www.nasdaqtrader.com/micro.aspx?id=PHLXRulefilings,
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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to further clarify the
manner in which Mini Options will trade in a PIXL auction or as a QCC
Order pursuant to Exchange Rule 1080. The Exchange previously filed to
list and trade Mini Options.\5\ Exchange Rule 1080 entitled ``Phlx XL
and Phlx XL II'' describes the manner in which PIXL orders \6\ and QCC
Orders \7\ trade on the Exchange. The Exchange will describe below the
manner in which it seeks to clarify Rules 1064 and 1080 with respect to
Mini Options.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 68132 (November 1,
2012), 77 FR 66904 (November 7, 2012) (SR-Phlx-2012-126). The
Exchange amended amend [sic] Rules 1001 (Position Limits), 1012
(Series of Options Open for Trading) and 1033 (Bids and Offers--
Premium) to list and trade Mini Options overlying five (5) high-
priced securities for which the standard contract overlying the same
security exhibits significant liquidity. Specifically, the Exchange
filed to list Mini Options on SPDR S&P 500 (``SPY''), Apple, Inc.
(``AAPL''), SPDR Gold Trust (``GLD''), Google Inc. (``GOOG'') and
Amazon.com Inc. (``AMZN'').
\6\ See Exchange Rule 1080(n).
\7\ See Exchange Rule 1080(o). The Exchange is also proposing to
amend Rule 1064 entitled ``Crossing, Facilitation and Solicited
Orders,'' as this rule also describes the manner in which QCC Orders
shall trade on Phlx.
---------------------------------------------------------------------------
With respect to PIXL, Rule 1080(n) specifies that a member may
electronically submit for execution an order it represents as agent on
behalf of a public customer, broker dealer, or any other entity (``PIXL
Order'') against principal interest or against any other order (except
as provided in Rule 1080(n)(i)(E)) it represents as agent (an
``Initiating Order'') provided it submits the PIXL Order for electronic
execution into the PIXL Auction (``Auction'') pursuant to this Rule.
The Exchange is proposing to clarify that with respect to Mini Options,
the same contract size shall apply consistent with standard options.
The Exchange proposes to add a sentence to Rule 1080(n) to note that a
Mini Options PIXL Order will trade consistent with standard options.
Today the Exchange provides the Commission certain PIXL pilot
reports, including, but not limited to orders of fewer than 50
contracts into the PIXL Auction.\8\ The Exchange will also submit to
the Commission these same reports with respect to Mini Options for PIXL
Orders fewer than 500 contracts as well as the pilot reports for Mini
Options in the other categories.\9\ The
[[Page 19558]]
Exchange will provide this information for a particular month not later
than the last business day of the subsequent month, as is the case with
other PIXL pilot reports.
---------------------------------------------------------------------------
\8\ Regarding PIXL Orders of fewer than 50 contracts, the
Exchange has undertaken to provide the following information on a
monthly basis during the pilot period: (1) The number of orders of
fewer than 50 contracts entered into the PIXL Auction; (2) The
percentage of all orders of fewer than 50 contracts sent to Phlx
that are entered into the PIXL Auction; (3) The percentage of all
Phlx trades represented by orders of fewer than 50 contracts; (4)
The percentage of all Phlx trades effected through the PIXL Auction
represented by orders of fewer than 50 contracts; (5) The percentage
of all contracts traded on Phlx represented by orders of fewer than
50 contracts; (6) The percentage of all contracts effected through
the PIXL Auction represented by orders of fewer than 50 contracts;
(7) The spread in the option, at the time an order of fewer than 50
contracts is submitted to the PIXL Auction; (8) The number of orders
of 50 contracts or greater entered into the PIXL Auction; (9) The
percentage of all orders of 50 contracts or greater sent to Phlx
that are entered into the PIXL Auction; (10) The spread in the
option, at the time an order of 50 contracts or greater is submitted
to the PIXL Auction; (11) Of PIXL trades where the PIXL Order is for
the account of a public customer, and is for a size of fewer than 50
contracts, the percentage done at the NBBO plus $ .01, plus $ .02,
plus $ .03, etc.; (12) Of PIXL trades where the PIXL Order is for
the account of a public customer, and is for a size of 50 contracts
or greater, the percentage done at the NBBO plus $ .01, plus $ .02,
plus $ .03, etc.; and (13) Of PIXL trades where the PIXL Order is
for the account of a broker dealer or any other person or entity
that is not a public customer, and is for a size of fewer than 50
contracts, the percentage done at the NBBO plus $ .01, plus $ .02,
plus $ .03, etc. (14) Of PIXL trades where the PIXL Order is for the
account of a broker dealer or any other person or entity that is not
a public customer, and is for a size of 50 contracts or greater, the
percentage done at the NBBO plus $ .01, plus $ .02, plus $ .03,
etc.; and (15) The number of orders submitted by Initiating Members
when the spread was $ .05, $ .10, $ .15, etc. For each spread,
specify the percentage of contracts in orders of fewer than 50
contracts submitted to the PIXL Auction that were traded by: (a) The
Initiating Member that submitted the order to the PIXL; (b) Phlx
Market Makers assigned to the class; (c) other Phlx members; (d)
Public Customer Orders; and (e) unrelated orders (orders in standard
increments entered during the PIXL Auction). For each spread, also
specify the percentage of contracts in orders of 50 contracts or
greater submitted to the PIXL Auction that were traded by: (a) the
Initiating Member that submitted the order to the PIXL Auction; (b)
Phlx market makers assigned to the class; (c) other Phlx members;
(d) Public Customer Orders; and (e) unrelated orders (orders in
standard increments entered during the PIXL Auction). See Securities
Exchange Act Release Nos. 63027 (October 1, 2010), 75 FR 62160
(October 7, 2010) (SR-Phlx-2010-108) (initial order approving PIXL),
65043 (August 5, 2011), 76 FR 49824 (August 11, 2011), (SR-Phlx-
2011-104) (order extending the PIXL pilot program through July 18,
2012); 67399 (July 11, 2012), 77 FR 42048 (July 17, 2012) (SR-Phlx-
2012-94) (order extending the PIXL pilot program through July 18,
2013). The PIXL pilot period is set to expire on July 18, 2013. See
Rule 1080(n).
\9\ In the order approving PIXL, the Exchange undertook to
provide the Commission with the below information on a monthly basis
during the pilot period in addition to the other pilot reports noted
herein. The Exchange will provide Mini Options pilot reports for the
following categories in addition to the reports noted above, except
for reports requiring orders of 50 contracts the Exchange would
instead provide reports for orders of 500 contracts with respect to
Mini Options: (1) The number of times that the PBBO crossed the PIXL
Order stop price on the same side of the market as the PIXL Order
and prematurely ended the PIXL Auction, and at what time the PIXL
Auction ended; (2) The number of times that a trading halt
prematurely ended the PIXL auction and at what time the trading halt
ended the PIXL Auction; (3) Of the Auctions terminated early due to
the PBBO crossing the PIXL order stop price, the number that
resulted in price improvement over the PIXL Order stop price, and
the average amount of price improvement provided to the PIXL Order;
(4) In the Auctions terminated early due to the PBBO crossing the
PIXL order stop price, the percentage of contracts that received
price improvement over the PIXL order stop price; (5) Of the
Auctions terminated early due to a trading halt, the number that
resulted in price improvement over the PIXL Order stop price, and
the average amount of price improvement provided to the PIXL Order;
(6) In the auctions terminated early due to a trading halt, the
percentage of contracts that received price improvement over the
PIXL order stop price; and (7) The average amount of price
improvement provided to the PIXL Order when the PIXL Auction is not
terminated early (i.e., runs the full one second). (8) The number of
times an unrelated market or marketable limit order (against the
PBBO) on the opposite side of the PIXL Order is received during the
Auction Period; and (9) The price(s) at which an unrelated market or
marketable limit order (against the PBBO) on the opposite side of
the PIXL Order that is received during the Auction Period is
executed, compared to the execution price of the PIXL Order.
Regarding PIXL auto-match, the Exchange has undertaken to provide
the following information on a monthly basis during the pilot
period: (1) The percentage of all Phlx trades effected through the
PIXL Auction in which the Initiating Member has chosen the auto-
match feature, and the average amount of price improvement provided
to the PIXL Order when the Initiating Member has chosen the auto-
match feature vs. the average amount of price improvement provided
to the PIXL Order when the Initiating Member has chosen a stop price
submission. Regarding competition, the Exchange has undertaken to
provide the following information on a monthly basis during the
pilot period: (1) For the first Wednesday of each month: (a) The
total number of PIXL auctions on that date; (b) the number of PIXL
auctions where the order submitted to the PIXL was fewer than 50
contracts; (c) the number of PIXL auctions where the order submitted
to the PIXL was 50 contracts or greater; (d) the number of PIXL
auctions (for orders of fewer than 50 contracts) with 0 participants
(excluding the initiating participant), 1 participant (excluding the
initiating participant), 2 participants (excluding the initiating
participant), 3 participants (excluding the initiating participant),
4 participants (excluding the initiating participant), etc., and (e)
the number of PIXL auctions (for orders of 50 contracts or greater)
with 0 participants (excluding the initiating participant), 1
participant (excluding the initiating participant), 2 participants
(excluding the initiating participant), 3 participants (excluding
the initiating participant), 4 participants (excluding the
initiating participant), etc.; and (2) For the third Wednesday of
each month: (a) The total number of PIXL auctions on that date; (b)
the number of PIXL auctions where the order submitted to the PIXL
was fewer than 50 contracts; (c) the number of PIXL auctions where
the order submitted to the PIXL was 50 contracts or greater; (d) the
number of PIXL auctions (for orders of fewer than 50 contracts) with
0 participants (excluding the initiating participant), 1 participant
(excluding the initiating participant), 2 participants (excluding
the initiating participant), 3 participants (excluding the
initiating participant), 4 participants (excluding the initiating
participant), etc., and (e) the number of PIXL auctions (for orders
of 50 contracts or greater) with 0 participants (excluding the
initiating participant), 1 participant (excluding the initiating
participant), 2 participants (excluding the initiating participant),
3 participants (excluding the initiating participant), 4
participants (excluding the initiating participant), etc. See
Securities Exchange Act Release Nos. 63027 (October 1, 2010), 75 FR
62160 (October 7, 2010) (SR-Phlx–2010-108) (initial order
approving PIXL), 65043 (August 5, 2011), 76 FR 49824 (August 11,
2011), (SR-Phlx-2011-104) (order extending the PIXL pilot program
through July 18, 2012); 67399 (July 11, 2012), 77 FR 42048 (July 17,
2012) (SR-Phlx-2012-94) (order extending the PIXL pilot program
through July 18, 2013). The PIXL pilot period is set to expire on
July 18, 2013. See Rule 1080(n).
---------------------------------------------------------------------------
With respect to QCC Orders, Exchange Rule 1080(o) provides that a
QCC Order is comprised of an order to buy or sell at least 1000
contracts that is identified as being part of a qualified contingent
trade, as that term is defined in subsection [sic] Rule 1080(o)(3),
coupled with a contra-side order to buy or sell an equal number of
contracts. The Exchange proposes to permit Mini Option QCC Orders to be
defined as an order to buy or sell at least 10,000 contracts, instead
of 1,000 contracts. The Exchange proposes to add text to Rule 1080(o)
and Rule 1064(e) to note the different quantity required to transact
QCC Orders in Mini Options.
The Exchange proposes to commence trading Mini Options on March 28,
2013.\10\ The Exchange will not commence trading of Mini Options
contracts until specific fees for Mini Options contracts trading have
been filed with the Commission.
---------------------------------------------------------------------------
\10\ The Exchange noted in SR-Phlx-2012-126 that it would not
commence trading of Mini Option contracts until specific fees for
Mini Options contracts trading have been filed with the Commission.
See Securities Exchange Act Release No. 68132 (November 1, 2012), 77
FR 66904 (November 7, 2012) (SR-Phlx-2012-126). The Exchange has
filed such fees. See SR-Phlx-2013-35 (not yet published).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Securities and [sic] Exchange
Act of 1934 (``Exchange Act''),\11\ in general, and with Section
6(b)(5) of the Exchange Act,\12\ in particular, in that the proposal is
designed to prevent fraudulent and manipulative acts and practices, 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.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f.
\12\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Specifically, the Exchange believes that investors and other market
participants would benefit from the current rule proposal because it
would allow market participants to take advantage of legitimate
investment strategies and execute PIXL Orders and QCC Orders in Mini
Options. Additionally, the Exchange believes the proposed rule change
will avoid investor confusion by clarifying how Mini Options will trade
the same or different as compared to standard options with respect to
PIXL Orders and QCC Orders.
The Exchange believes that trading PIXL Orders in Mini Options and
standard options in the same manner will avoid investor confusion.
Also, the Exchange believes that the current PIXL rules in Rule 1080(n)
as applied to Mini Options will promote just and equitable principles
of trade and continue to permit fair competition. The Exchange does not
believe treating Mini Option and standard option PIXL Orders in a like
manner creates any unfair disadvantage to investors.
The Exchange believes that adjusting the quantity of a QCC Orders
[sic] in Rule 1080(o) (applicable to electronic orders) and Rule
1064(e) (applicable to floor orders) from 1,000 to 10,000 contracts
with respect to QCC Orders will protect investors by maintaining the
same number of underlying securities for Mini Options as with standard
options. The Exchange believes that maintaining the same number of
underlying securities will prevent unfair discrimination among market
participants. All members are eligible to transact PIXL Orders and QCC
Orders on Phlx.
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 not necessary or appropriate in
furtherance of the purposes of the Act. All members may transact PIXL
Orders and QCC Orders on Phlx. The rule change does not permit unfair
discrimination and does not impose a burden on Members with respect to
trading Mini Options.
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: (1) Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) by its terms does not become operative for 30 days after the
date of this filing, 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 \13\ and Rule 19b-4(f)(6)
thereunder.\14\
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to provide the Commission
with 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, or such shorter time as designated by the
Commission. The Exchange has fulfilled this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing. However,
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter
time if such action is consistent with the protection of investors and
the public interest. The Exchange requests that the Commission
[[Page 19559]]
waive the 30-day operative delay so that the proposed rule change may
coincide with the anticipated launch of trading in Mini Options on the
Exchange. The Commission believes that waiving the 30-day operative
delay is consistent with the protection of investors and the public
interest.\15\ Waiver of the operative delay will allow the Exchange to
implement its proposal consistent with the anticipated commencement of
trading in Mini Options on the Exchange on March 28, 2013. For these
reasons, the Commission designates the proposed rule change as
operative upon filing.
---------------------------------------------------------------------------
\15\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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.
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-Phlx-2013-36 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-Phlx-2013-36. 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-Phlx-2013-36 and should be
submitted on or before April 22, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
---------------------------------------------------------------------------
\16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2013-07477 Filed 3-29-13; 8:45 am]
BILLING CODE 8011-01-P
