Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the CBSX Fees Schedule, 72137-72139 [2013-28725]

Download as PDF 72137 Federal Register / Vol. 78, No. 231 / Monday, December 2, 2013 / Notices 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–OCC–2013–20. 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 of submission. 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 Section, 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 OCC and on OCC’s Web site at https://www.theocc.com/components/ docs/legal/rules_and_bylaws/sr_occ_13_ 20.pdf. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You Maker Maker Maker Maker Maker (adds (adds (adds (adds (adds emcdonald on DSK67QTVN1PROD with NOTICES For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–28721 Filed 11–29–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–70943; File No. SR–CBOE– 2013–115] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the CBSX Fees Schedule November 25, 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 November 21, 2013, Chicago Board Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘CBOE’’) 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Fees Schedule of its CBOE Stock Exchange. The text of the proposed rule change is available on the Exchange’s Web site (https://www.cboe.com/ AboutCBOE/ CBOELegalRegulatoryHome.aspx), at the Exchange’s Office of the Secretary, 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 CBSX proposes to amend its Maker fees for transactions in all other securities (securities other than the ‘‘Select Symbols’’, of which there currently are none) priced $1 or greater. Currently, such fees are assessed on the following scale: 3 less than 0.08% of TCV of liquidity in one day) (1)(5) ............................................................................ at least 0.08% but less than 0.16% of TCV of liquidity in one day) (1)(5) .............................................. at least 0.16% but less than 0.24% of TCV of liquidity in one day) (1)(5) .............................................. at least 0.24% but less than 0.42% of TCV of liquidity in one day) (1)(5) .............................................. 0.42% or more of TCV of liquidity in one day) (1)(5) .............................................................................. The Exchange proposes to break up the 0.24%–0.42% tier into two separate tiers at 0.33%, with Maker transactions in the 0.33%–0.42% tier being assessed a lower fee of $0.0014 per share (currently, Maker transactions in such tier would be assessed the same fee as 14 17 CFR 200.30–3(a)(12). 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 The parentheticals (1) and (5) in the scale refer to footnotes in the CBSX Fees Schedule. Footnote (1) reads: These rates apply to all transactions in securities priced $1 or greater made by the same market participant in any day in which such participant adds (for Makers) or removes (for Takers) the 1 VerDate Mar<15>2010 should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–OCC–2013–20 and should be submitted on or before December 23, 2013. 20:41 Nov 29, 2013 Jkt 232001 $0.0018 $0.0017 $0.0016 $0.0015 $0.0014 per per per per per share share share share share in the 0.24%–0.33% tier, which is $0.0015 per share). The Exchange also proposes to add a 0.42%–0.52% tier, with Maker transactions in that tier being assessed a fee of $0.0013 per share (which is lower than the $0.0014 per share fee that Maker transactions in that tier currently are assessed). Finally, the Exchange proposes to add a tier for Makers who add 0.52% of TCV of liquidity in one day or more, with such transactions being assessed a lower fee of $0.0012 per share (which is lower than the $0.0014 per share fee that established amount of shares (or percentage of TCV, as applicable) or more of liquidity that is determined in the chart above for each tier. Market participants who share a trading acronym or MPID may aggregate their trading activity for purposes of these rates. Qualification for these rates will require that a market participant appropriately indicate his trading acronym and/or MPID in the appropriate field on the order. Footnote (5) reads: ‘‘TCV’’ means total consolidated volume calculated as the volume reported by all exchanges and trade reporting facilities to a consolidated transaction reporting plan. Volume from Maker executions in the Select Symbols (priced $1 or greater) will count towards a market participant’s % of TCV. The Exchange does not propose to amend either Footnotes (1) or (5). PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 E:\FR\FM\02DEN1.SGM 02DEN1 72138 Federal Register / Vol. 78, No. 231 / Monday, December 2, 2013 / Notices Maker transactions in that tier currently are assessed). As such, upon Maker Maker Maker Maker Maker Maker Maker (adds (adds (adds (adds (adds (adds (adds emcdonald on DSK67QTVN1PROD with NOTICES 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.4 Specifically, the Exchange believes the proposed rule change is consistent with Section 6(b)(4) of the Act,5 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 the proposed fee (and tier) changes are reasonable because all the proposed changes involve lowering fees from their current levels (in the tiers created/ affected). There are no fee increases proposed by this proposed rule change, the affected market participants will certainly prefer to be assessed lower fees. The Exchange believes that the proposed changes are equitable and not unfairly discriminatory because, while they provide for lower fees for market participants who hit certain liquidity levels than others, the proposed new tiers (and corresponding lowered fees) are intended to provide liquidity targets for CBSX market participants to aspire to reach. The Exchange believes that the increased liquidity that results will benefit all market participants, and perhaps enable some such market 5 15 U.S.C. 78f(b). 15 U.S.C. 78f(b)(4). VerDate Mar<15>2010 other securities priced $1 or greater will be as follows: less than 0.08% of TCV of liquidity in one day) (1)(5) ............................................................................ at least 0.08% but less than 0.16% of TCV of liquidity in one day) (1)(5) .............................................. at least 0.16% but less than 0.24% of TCV of liquidity in one day) (1)(5) .............................................. at least 0.24% but less than 0.33% of TCV of liquidity in one day) (1)(5) .............................................. at least 0.33% but less than 0.42% of TCV of liquidity in one day) (1)(5) .............................................. at least 0.42% but less than 0.52% of TCV of liquidity in one day) (1)(5) .............................................. 0.52% or more of TCV of liquidity in one day) (1)(5) .............................................................................. The proposed changes are aspirational. The Exchange believes that the proposed new tiers will provide liquidity targets for CBSX market participants to aspire to reach, and the lowered fees in these new tiers will provide incentives for such CBSX market participants. The Exchange believes that the increased liquidity that results will benefit all market participants, and perhaps enable some such market participants to reach higher tiers (with the corresponding lower transaction fees) than they otherwise might. The proposed changes are to take effect on December 2, 2013. 4 effectiveness of the proposed changes, the Maker fees for transactions in all 20:41 Nov 29, 2013 participants to reach higher tiers (with the corresponding lower transaction fees) than they otherwise might. Finally, the proposed new fee tiers will be applied equally to all CBSX market participants. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. CBSX does not believe that the proposed rule change will impose any burden on intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because, while they provide for lower fees for market participants who hit certain liquidity levels than others, the proposed new tiers (and corresponding lowered fees) are intended to provide liquidity targets for CBSX market participants to aspire to reach. The Exchange believes that the increased liquidity that results will benefit all market participants, and perhaps enable some such market participants to reach higher tiers (with the corresponding lower transaction fees) than they otherwise might. Finally, the proposed new fee tiers will be applied equally to all CBSX market participants. The Exchange does not believe that the proposed rule change will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because the proposed changes are intended to attract greater liquidity and make CBSX a more attractive marketplace for market participants on all exchanges (thereby enhancing competition). To the extent that the proposed changes make CBSX a more attractive marketplace for market participants on other exchanges, such market participants may elect to become CBSX market participants. Also, the proposed changes only apply to trading on CBSX. PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 per per per per per per per share share share share share share share 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 6 and paragraph (f) of Rule 19b–4 7 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 rule-comments@ sec.gov. Please include File Number SR– CBOE–2013–115 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–2013–115. This file 6 7 Jkt 232001 $0.0018 $0.0017 $0.0016 $0.0015 $0.0014 $0.0013 $0.0012 15 U.S.C. 78s(b)(3)(A). 17 CFR 240.19b–4(f). E:\FR\FM\02DEN1.SGM 02DEN1 Federal Register / Vol. 78, No. 231 / Monday, December 2, 2013 / Notices 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 offices 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–2013–115, and should be submitted on or before December 23, 2013. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–28725 Filed 11–29–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 500–1 ] Nevada Gold Corp.; Order of Suspension of Trading emcdonald on DSK67QTVN1PROD with NOTICES November 27, 2013. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Nevada Gold Corp. (‘‘Nevada Gold’’) because of questions regarding the accuracy of assertions by Nevada Gold, and by others, to investors in press releases and promotional material concerning, among other things, the company’s assets, operations, and financial 8 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 20:41 Nov 29, 2013 Jkt 232001 condition. Nevada Gold is a Delaware corporation based in Del Mar, California. The company’s common stock is dually quoted on the OTCBB and OTC Link under the symbol NVGC. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed company is suspended for the period from 9:30 a.m. EST on November 27, 2013 through 11:59 p.m. EST, on December 11, 2013. By the Commission. Lynn M. Powalski, Deputy Secretary. A copy of the comments should be sent to the Office of Information and Regulatory Affairs, Attention: Desk Officer, Selective Service System, Office of Management and Budget, New Executive Office Building, Room 3235, Washington, DC 20503. Dated: November 21, 2013. Lawrence Romo, Director. [FR Doc. 2013–28740 Filed 11–29–13; 8:45 am] BILLING CODE 8015–01–P SMALL BUSINESS ADMINISTRATION Reporting and Recordkeeping Requirements Under OMB Review Small Business Administration. Notice of 30-day information collection submitted for OMB review. AGENCY: [FR Doc. 2013–28871 Filed 11–27–13; 4:15 pm] BILLING CODE 8011–01–P ACTION: The Small Business Administration (SBA) is publishing this notice to comply with requirements of the Paperwork Reduction Act (PRA) (44 U.S.C. Chapter 35), which requires agencies to submit proposed reporting and recordkeeping requirements to OMB for review and approval, and to publish a notice in the Federal Register notifying the public that the agency has made such a submission. This notice also allows an additional 30 days for public comments. DATES: Submit comments on or before January 2, 2014. If you intend to comment but cannot prepare comments promptly, please advise the OMB Reviewer and the Agency Clearance Officer before the deadline. Copies: Request for clearance (OMB 83–1), supporting statement, and other documents submitted to OMB for review may be obtained from the Agency Clearance Officer. ADDRESSES: Comments should refer to the information collection by name and/ or OMB Control Number (3245–0348) and should be sent to: Agency Clearance Officer, Curtis Rich, Small Business Administration, 409 3rd Street SW., 5th Floor, Washington, DC 20416; and SBA Desk Officer, Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Washington, DC 20503. FOR FURTHER INFORMATION CONTACT: Curtis Rich, Agency Clearance Officer, (202) 205–7030 curtis.rich@sba.gov. SUPPLEMENTARY INFORMATION: (a) Abstract: SBA is proposing to make several changes to this information collection (Form 1919, Form 1920SX (B & C) and Forms 2237 and 2238-Control Number SUMMARY: SELECTIVE SERVICE SYSTEM Forms Submitted to the Office of Management and Budget for Extension of Clearance Selective Service System. Notice. AGENCY: ACTION: The following forms have been submitted to the Office of Management and Budget (OMB) for extension of clearance in compliance with the Paperwork Reduction Act (44 U.S.C. Chapter 35): SSS FORM—402 Title: Uncompensated Registrar Appointment Form. Purpose: Is used to verify the official status of applicants for the position of Uncompensated Registrars and to establish authority for those appointed to perform as Selective Service System Registrars. Respondents: United States citizens over the age of 18. Frequency: One time. Burden: The reporting burden is three minutes or less per respondent. Copies of the above identified form can be obtained upon written request to the Selective Service System, Reports Clearance Officer, 1515 Wilson Boulevard, Arlington, Virginia 22209– 2425. Written comments and recommendations for the proposed extension of clearance of the form should be sent within 30 days of the publication of this notice to the Selective Service System, Reports Clearance Officer, 1515 Wilson Boulevard, Arlington, Virginia 22209– 2425. PO 00000 Frm 00080 Fmt 4703 72139 Sfmt 4703 E:\FR\FM\02DEN1.SGM 02DEN1

Agencies

[Federal Register Volume 78, Number 231 (Monday, December 2, 2013)]
[Notices]
[Pages 72137-72139]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-28725]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70943; File No. SR-CBOE-2013-115]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend the CBSX Fees Schedule

November 25, 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 November 21, 2013, Chicago Board Options Exchange, Incorporated 
(the ``Exchange'' or ``CBOE'') 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.
---------------------------------------------------------------------------

    \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 the Fees Schedule of its CBOE Stock 
Exchange. The text of the proposed rule change is available on the 
Exchange's Web site (https://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the 
Secretary, 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
    CBSX proposes to amend its Maker fees for transactions in all other 
securities (securities other than the ``Select Symbols'', of which 
there currently are none) priced $1 or greater. Currently, such fees 
are assessed on the following scale: \3\
---------------------------------------------------------------------------

    \3\ The parentheticals (1) and (5) in the scale refer to 
footnotes in the CBSX Fees Schedule. Footnote (1) reads:
     These rates apply to all transactions in securities priced $1 
or greater made by the same market participant in any day in which 
such participant adds (for Makers) or removes (for Takers) the 
established amount of shares (or percentage of TCV, as applicable) 
or more of liquidity that is determined in the chart above for each 
tier. Market participants who share a trading acronym or MPID may 
aggregate their trading activity for purposes of these rates. 
Qualification for these rates will require that a market participant 
appropriately indicate his trading acronym and/or MPID in the 
appropriate field on the order.
    Footnote (5) reads:
    ``TCV'' means total consolidated volume calculated as the volume 
reported by all exchanges and trade reporting facilities to a 
consolidated transaction reporting plan. Volume from Maker 
executions in the Select Symbols (priced $1 or greater) will count 
towards a market participant's % of TCV.
    The Exchange does not propose to amend either Footnotes (1) or 
(5).

------------------------------------------------------------------------
 
------------------------------------------------------------------------
Maker (adds less than 0.08% of TCV of liquidity   $0.0018 per share
 in one day) (1)(5).
Maker (adds at least 0.08% but less than 0.16%    $0.0017 per share
 of TCV of liquidity in one day) (1)(5).
Maker (adds at least 0.16% but less than 0.24%    $0.0016 per share
 of TCV of liquidity in one day) (1)(5).
Maker (adds at least 0.24% but less than 0.42%    $0.0015 per share
 of TCV of liquidity in one day) (1)(5).
Maker (adds 0.42% or more of TCV of liquidity in  $0.0014 per share
 one day) (1)(5).
------------------------------------------------------------------------

    The Exchange proposes to break up the 0.24%-0.42% tier into two 
separate tiers at 0.33%, with Maker transactions in the 0.33%-0.42% 
tier being assessed a lower fee of $0.0014 per share (currently, Maker 
transactions in such tier would be assessed the same fee as in the 
0.24%-0.33% tier, which is $0.0015 per share). The Exchange also 
proposes to add a 0.42%-0.52% tier, with Maker transactions in that 
tier being assessed a fee of $0.0013 per share (which is lower than the 
$0.0014 per share fee that Maker transactions in that tier currently 
are assessed). Finally, the Exchange proposes to add a tier for Makers 
who add 0.52% of TCV of liquidity in one day or more, with such 
transactions being assessed a lower fee of $0.0012 per share (which is 
lower than the $0.0014 per share fee that

[[Page 72138]]

Maker transactions in that tier currently are assessed). As such, upon 
effectiveness of the proposed changes, the Maker fees for transactions 
in all other securities priced $1 or greater will be as follows:

------------------------------------------------------------------------
 
------------------------------------------------------------------------
Maker (adds less than 0.08% of TCV of liquidity   $0.0018 per share
 in one day) (1)(5).
Maker (adds at least 0.08% but less than 0.16%    $0.0017 per share
 of TCV of liquidity in one day) (1)(5).
Maker (adds at least 0.16% but less than 0.24%    $0.0016 per share
 of TCV of liquidity in one day) (1)(5).
Maker (adds at least 0.24% but less than 0.33%    $0.0015 per share
 of TCV of liquidity in one day) (1)(5).
Maker (adds at least 0.33% but less than 0.42%    $0.0014 per share
 of TCV of liquidity in one day) (1)(5).
Maker (adds at least 0.42% but less than 0.52%    $0.0013 per share
 of TCV of liquidity in one day) (1)(5).
Maker (adds 0.52% or more of TCV of liquidity in  $0.0012 per share
 one day) (1)(5).
------------------------------------------------------------------------

    The proposed changes are aspirational. The Exchange believes that 
the proposed new tiers will provide liquidity targets for CBSX market 
participants to aspire to reach, and the lowered fees in these new 
tiers will provide incentives for such CBSX market participants. The 
Exchange believes that the increased liquidity that results will 
benefit all market participants, and perhaps enable some such market 
participants to reach higher tiers (with the corresponding lower 
transaction fees) than they otherwise might.
    The proposed changes are to take effect on December 2, 2013.
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.\4\ Specifically, the Exchange believes the proposed rule change is 
consistent with Section 6(b)(4) of the Act,\5\ 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 the proposed fee 
(and tier) changes are reasonable because all the proposed changes 
involve lowering fees from their current levels (in the tiers created/
affected). There are no fee increases proposed by this proposed rule 
change, the affected market participants will certainly prefer to be 
assessed lower fees. The Exchange believes that the proposed changes 
are equitable and not unfairly discriminatory because, while they 
provide for lower fees for market participants who hit certain 
liquidity levels than others, the proposed new tiers (and corresponding 
lowered fees) are intended to provide liquidity targets for CBSX market 
participants to aspire to reach. The Exchange believes that the 
increased liquidity that results will benefit all market participants, 
and perhaps enable some such market participants to reach higher tiers 
(with the corresponding lower transaction fees) than they otherwise 
might. Finally, the proposed new fee tiers will be applied equally to 
all CBSX market participants.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. CBSX does not believe that 
the proposed rule change will impose any burden on intramarket 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act because, while they provide for lower fees for 
market participants who hit certain liquidity levels than others, the 
proposed new tiers (and corresponding lowered fees) are intended to 
provide liquidity targets for CBSX market participants to aspire to 
reach. The Exchange believes that the increased liquidity that results 
will benefit all market participants, and perhaps enable some such 
market participants to reach higher tiers (with the corresponding lower 
transaction fees) than they otherwise might. Finally, the proposed new 
fee tiers will be applied equally to all CBSX market participants. The 
Exchange does not believe that the proposed rule change will impose any 
burden on intermarket competition that is not necessary or appropriate 
in furtherance of the purposes of the Act because the proposed changes 
are intended to attract greater liquidity and make CBSX a more 
attractive marketplace for market participants on all exchanges 
(thereby enhancing competition). To the extent that the proposed 
changes make CBSX a more attractive marketplace for market participants 
on other exchanges, such market participants may elect to become CBSX 
market participants. Also, the proposed changes only apply to trading 
on CBSX.

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 \6\ and paragraph (f) of Rule 19b-4 \7\ 
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.
---------------------------------------------------------------------------

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

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-CBOE-2013-115 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-2013-115. This file

[[Page 72139]]

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 offices 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-2013-115, and should be submitted on or before 
December 23, 2013.

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

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

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-28725 Filed 11-29-13; 8:45 am]
BILLING CODE 8011-01-P
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