Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Interpretive Material to BOX Rule 5050 To Replace the Reference To “GOOG” With “GOOGL”, 19953-19954 [2014-07992]
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<![CDATA[
Federal Register / Vol. 79, No. 69 / Thursday, April 10, 2014 / Notices
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–CBOE–
2014–036 and should be submitted on
or before May 1, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.22
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–07994 Filed 4–9–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–71873; File No. SR–BOX–
2014–13]
Self-Regulatory Organizations; BOX
Options Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
Interpretive Material to BOX Rule 5050
To Replace the Reference To ‘‘GOOG’’
With ‘‘GOOGL’’
April 4, 2014.
sroberts on DSK5SPTVN1PROD with NOTICES
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 April 3,
2014, BOX Options Exchange LLC (the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
interpretive material to BOX Rule 5050
(Series of Options Contracts Open for
Trading) to replace the reference to
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
‘‘GOOG’’ with ‘‘GOOGL’’. The text of
the proposed rule change is available
from the principal office of the
Exchange, at the Commission’s Public
Reference Room and also on the
Exchange’s Internet Web site at https://
boxexchange.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of these statements may be examined at
the places specified in Item IV below.
The self-regulatory organization has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend IM–
5050–10 to Rule 5050 (Series of Options
Contracts Open for Trading) to replace
the reference to ‘‘GOOG’’ with
‘‘GOOGL’’. This is a competitive filing
that is based on a proposal recently
submitted by the Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’).3
The Exchange is proposing to make a
change to IM–5010–10 to enable the
continued trading of mini options on
Google’s class A shares. The Exchange
is proposing to make this change
because, on April 2, 2014, Google will
issue a new class of shares (class C) to
its shareholders in lieu of a cash
dividend payment. Additionally, this
new class C of shares will be given the
current Google ticker, ‘‘GOOG’’. As a
result, a new ticker, ‘‘GOOGL’’, will be
issued to the class A shares. The
Exchange is proposing to change the
Google ticker referenced in Exchange
Rule IM–5010–10 from ‘‘GOOG’’ to
‘‘GOOGL’’.
This change to IM–5010–10 shall
become effective on April 3, 2014 which
is the day after Google officially changes
their ticker. The purpose of this change
is to ensure that IM–5010–10 properly
reflects the intention and practice of the
Exchange to trade mini options on only
an exhaustive list of underlying
securities outlined in IM–5010–10. This
change is meant to continue the
inclusion of class A shares of Google in
22 17
VerDate Mar<15>2010
18:14 Apr 09, 2014
the current list of underlying securities
that mini options can be traded on,
while making it clear that class C shares
of Google are not part of that list as that
class of options has not been approved
for mini option trading. As a result, the
proposed change will also help avoid
confusion.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of Section 6(b) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),4 in general, and Section 6(b)(5)
of the Act,5 in particular, in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities, 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. Additionally, the
Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 6 requirement that the rules of an
exchange not be designed to permit
unfair discrimination between
customers, issuers, brokers, or dealers.
In particular, the proposed rule
change to change the Google class A
ticker to its new designation is
consistent with the Act because the
proposed change is merely updating the
corresponding ticker to allow for
continued mini option trading on
Google’s class A shares. The proposed
change will allow for continued benefit
to investors by providing them with
additional investment alternatives.
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. In this regard
and as indicated above, the Exchange
notes that the rule change is being
proposed as a competitive response to a
filing submitted by the CBOE.7 The
proposed change does not impose any
burden on intramarket competition
because it applies to all Participants.
There is no burden on intermarket
competition as the proposed change is
merely attempting to update the new
ticker for Google class A for mini
options. As a result, there will be no
4 15
5 15
3 See SR–CBOE–2014–030 (submitted by the
CBOE on March 28, 2014).
Jkt 232001
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Frm 00089
Fmt 4703
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19953
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
6 Id.
7 See
E:\FR\FM\10APN1.SGM
supra, note 3.
10APN1
19954
Federal Register / Vol. 79, No. 69 / Thursday, April 10, 2014 / Notices
substantive changes to the Exchange’s
operations or its rules.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has neither solicited
nor received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change
does not (i) significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate 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 8 and Rule 19b–4(f)(6)(iii)
thereunder.9
A proposed rule change filed under
Rule 19b–4(f)(6) 10 normally does not
become operative for 30 days after the
date of filing. However, pursuant to
Rule 19b–4(f)(6)(iii) 11 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest.
The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest, as it
will allow the Exchange to continue to
list mini options on the Google Class A
shares following the issuance of a new
class of Google shares (class C) on April
2, 2014. For this reason, the
Commission designates the proposed
rule change to be operative upon
filing.12
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6)(iii). As required under
Rule 19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file
the proposed rule change, along with a brief
description and the 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.
10 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii).
12 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).
sroberts on DSK5SPTVN1PROD with NOTICES
9 17
VerDate Mar<15>2010
18:14 Apr 09, 2014
Jkt 232001
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.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Kevin M. O’Neill,
Deputy Secretary.
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:
BILLING CODE 8011–01–P
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–BOX–2014–13 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–BOX–2014–13. 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–BOX–
2014–13 and should be submitted on or
before May 1, 2014.
PO 00000
Frm 00090
Fmt 4703
Sfmt 4703
[FR Doc. 2014–07992 Filed 4–9–14; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–71868; File No. SR–FINRA–
2014–016]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Update Rule CrossReferences and Make Non-Substantive
Technical Changes to Certain FINRA
Rules
April 4, 2014.
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 31,
2014, Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II,
and III below, which Items have been
prepared by FINRA. FINRA has
designated the proposed rule change as
constituting a ‘‘non-controversial’’ rule
change under paragraph (f)(6) of Rule
19b–4 under the Act,3 which renders
the proposal effective upon receipt of
this filing by 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 the Substance
of the Proposed Rule Change
FINRA is proposing to update crossreferences and make other nonsubstantive changes within FINRA
rules, primarily as the result of approval
of new consolidated FINRA rules.
The text of the proposed rule change
is available on FINRA’s Web site at
https://www.finra.org, at the principal
office of FINRA 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,
FINRA included statements concerning
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
1 15
E:\FR\FM\10APN1.SGM
10APN1
]]>Agencies
[Federal Register Volume 79, Number 69 (Thursday, April 10, 2014)]
[Notices]
[Pages 19953-19954]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-07992]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-71873; File No. SR-BOX-2014-13]
Self-Regulatory Organizations; BOX Options Exchange LLC; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Interpretive Material to BOX Rule 5050 To Replace the Reference To
``GOOG'' With ``GOOGL''
April 4, 2014.
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 April 3, 2014, BOX Options Exchange LLC (the ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the self-regulatory organization. The Commission
is publishing this notice to solicit comments on the proposed rule from
interested persons.
---------------------------------------------------------------------------
\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 interpretive material to BOX Rule
5050 (Series of Options Contracts Open for Trading) to replace the
reference to ``GOOG'' with ``GOOGL''. The text of the proposed rule
change is available from the principal office of the Exchange, at the
Commission's Public Reference Room and also on the Exchange's Internet
Web site at https://boxexchange.com.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in Sections A, B, and C below, of the
most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend IM-5050-10 to Rule 5050 (Series of
Options Contracts Open for Trading) to replace the reference to
``GOOG'' with ``GOOGL''. This is a competitive filing that is based on
a proposal recently submitted by the Chicago Board Options Exchange,
Incorporated (``CBOE'').\3\
---------------------------------------------------------------------------
\3\ See SR-CBOE-2014-030 (submitted by the CBOE on March 28,
2014).
---------------------------------------------------------------------------
The Exchange is proposing to make a change to IM-5010-10 to enable
the continued trading of mini options on Google's class A shares. The
Exchange is proposing to make this change because, on April 2, 2014,
Google will issue a new class of shares (class C) to its shareholders
in lieu of a cash dividend payment. Additionally, this new class C of
shares will be given the current Google ticker, ``GOOG''. As a result,
a new ticker, ``GOOGL'', will be issued to the class A shares. The
Exchange is proposing to change the Google ticker referenced in
Exchange Rule IM-5010-10 from ``GOOG'' to ``GOOGL''.
This change to IM-5010-10 shall become effective on April 3, 2014
which is the day after Google officially changes their ticker. The
purpose of this change is to ensure that IM-5010-10 properly reflects
the intention and practice of the Exchange to trade mini options on
only an exhaustive list of underlying securities outlined in IM-5010-
10. This change is meant to continue the inclusion of class A shares of
Google in the current list of underlying securities that mini options
can be traded on, while making it clear that class C shares of Google
are not part of that list as that class of options has not been
approved for mini option trading. As a result, the proposed change will
also help avoid confusion.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Securities Exchange Act of 1934
(the ``Act''),\4\ in general, and Section 6(b)(5) of the Act,\5\ in
particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, 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. Additionally, the Exchange believes the proposed rule
change is consistent with the Section 6(b)(5) \6\ requirement that the
rules of an exchange not be designed to permit unfair discrimination
between customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
\6\ Id.
---------------------------------------------------------------------------
In particular, the proposed rule change to change the Google class
A ticker to its new designation is consistent with the Act because the
proposed change is merely updating the corresponding ticker to allow
for continued mini option trading on Google's class A shares. The
proposed change will allow for continued benefit to investors by
providing them with additional investment alternatives.
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. In this regard and as indicated
above, the Exchange notes that the rule change is being proposed as a
competitive response to a filing submitted by the CBOE.\7\ The proposed
change does not impose any burden on intramarket competition because it
applies to all Participants. There is no burden on intermarket
competition as the proposed change is merely attempting to update the
new ticker for Google class A for mini options. As a result, there will
be no
[[Page 19954]]
substantive changes to the Exchange's operations or its rules.
---------------------------------------------------------------------------
\7\ See supra, note 3.
---------------------------------------------------------------------------
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change does not (i) significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate 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 \8\ and Rule 19b-
4(f)(6)(iii) thereunder.\9\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6)(iii). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the 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.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally
does not become operative for 30 days after the date of filing.
However, pursuant to Rule 19b-4(f)(6)(iii) \11\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest.
---------------------------------------------------------------------------
\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
The Exchange has asked the Commission to waive the 30-day operative
delay so that the proposal may become operative immediately upon
filing. The Commission believes that waiving the 30-day operative delay
is consistent with the protection of investors and the public interest,
as it will allow the Exchange to continue to list mini options on the
Google Class A shares following the issuance of a new class of Google
shares (class C) on April 2, 2014. For this reason, the Commission
designates the proposed rule change to be operative upon filing.\12\
---------------------------------------------------------------------------
\12\ 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-BOX-2014-13 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-BOX-2014-13. 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-BOX-2014-13 and should be
submitted on or before May 1, 2014.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-07992 Filed 4-9-14; 8:45 am]
BILLING CODE 8011-01-P
