Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Amending Rule 8.2(d), 2455-2457 [2015-00624]

Download as PDF Federal Register / Vol. 80, No. 11 / Friday, January 16, 2015 / Notices advance is reasonable because it allows FICC to use amounts collected in a targeted manner to develop this specific service, rather than raising overall fees, where the amount collected over any given period may vary based on transaction volumes and clearing members will have less certainty as to the amounts they will pay. (B) Clearing Agency’s Statement on Burden on Competition FICC does not believe that the proposed rule change will have any impact, or impose any burden, on competition. As noted above, the development fees will be applied fairly among the clearing members because each clearing member or family of members, as applicable, will be charged an amount that is consistent with the previous year’s fees, which is directly correlated to the member’s or family’s usage of MBSD’s clearing and settlement service. FICC does not believe that calculating the proposed development fee with respect to a family of members, where applicable, imposes a burden on competition. If FICC assessed the proposed development fee on an individual entity without regard to the activity of its family members, it is possible that the family of members would be charged a significantly higher fee for the same amount of activity conducted by a single firm with no family members in MBSD (which would result in the fee being cost prohibitive for the family). This aspect of the development fee has been discussed with the MBSD members and no member raised an issue in this regard. asabaliauskas on DSK5VPTVN1PROD with NOTICES (C) Clearing Agency’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments relating to the proposed rule change have not yet been solicited or received. FICC will notify the Commission of any written comments received by FICC. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The forgoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act 13 and Rule 19b–4(f)(2) 14 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 13 15 U.S.C. 78s(b)(3)(A)(ii). 14 17 CFR 240.19b–4(f)(2). VerDate Sep<11>2014 17:36 Jan 15, 2015 Jkt 235001 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: 2455 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Brent J. Fields, Secretary. [FR Doc. 2015–00576 Filed 1–15–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Electronic Comments [Release No. 34–74038; File No. SR–C2– 2014–028] • 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– FICC–2014–12 on the subject line. Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Amending Rule 8.2(d) Paper Comments January 13, 2015. • 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–FICC–2014–12. 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 FICC and on its Web site (https://www.dtcc.com/legal/sec-rulefilings.aspx). 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–FICC– 2014–12 and should be submitted on or before February 6, 2015. PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 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 December 31, 2014, C2 Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘C2’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I 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 is proposing to remove the registration cost of SPXPM from Exchange Rule 8.2(d) as this class of options is no longer listed or traded on the Exchange. The text of the proposed rule change is provided below. (additions are italicized; deletions are [bracketed]) * * * * * C2 Options Exchange, Incorporated Rules * * * * * Rule 8.2. Continuing Market-Maker Registration (a)–(c) No change. (d) Market-Maker Option Class Registration. Absent an exemption by the Exchange, an option class registration of a Market-maker confers the right to quote in that product. A Market-Maker may change its registered classes upon advance notification to the Exchange in a form and manner prescribed by the Exchange. 15 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\16JAN1.SGM 16JAN1 2456 Federal Register / Vol. 80, No. 11 / Friday, January 16, 2015 / Notices dates for which the exercise settlement value will be [sic] based on the index value derived from the closing prices of component securities (‘‘P.M. settled’’) on C2 on a pilot basis.3 As a result of the Commission’s approval to list and trade SPXPM options on C2, the Exchange filed a subsequent rule filing to amend 8.2(d) to include the Registration registration cost for SPXPM.4 Option class cost Pursuant to Exchange Rule 8.2, an option class registration of a Market[SPXPM] ................................... [1.0] Maker confers the right to quote in that All [other] options ...................... .001 product. Each Trading Permit held by a (e) No change. Market-Maker has a registration credit of 1.0. A Market-Maker may select for * * * * * trading any combination of available The text of the proposed rule change option classes whose aggregate is 1.0 for is also available on the Exchange’s Web site (https://www.cboe.com/AboutCBOE/ each Trading Permit held. Since the Exchange has ceased the listing and CBOELegalRegulatoryHome.aspx), at trading of SPXPM, the Exchange is the Exchange’s Office of the Secretary, proposing to amend Rule 8.2(d) to and at the Commission’s Public delete the language that lists SPXPM Reference Room. and its registration cost of 1.0. There is II. Self-Regulatory Organization’s no need for the registration cost of Statement of the Purpose of, and SPXPM to be listed under Rule 8.2(d) as Statutory Basis for, the Proposed Rule this class of options is no longer traded Change on the Exchange. The Exchange is proposing the proposed change to In its filing with the Commission, the harmonize the Exchange Rules with the Exchange included statements current practices of the Exchange. concerning the purpose of and basis for the proposed rule change and discussed 2. Statutory Basis any comments it received on the The Exchange believes the proposed proposed rule change. The text of these rule change is consistent with the statements may be examined at the Securities Exchange Act of 1934 (the places specified in Item IV below. The ‘‘Act’’) and the rules and regulations Exchange has prepared summaries, set thereunder applicable to the Exchange forth in sections A, B, and C below, of and, in particular, the requirements of the most significant aspects of such Section 6(b) of the Act.5 Specifically, statements. the Exchange believes the proposed rule Each Trading permit held by a Market-Maker has a registration credit of 1.0. A Market-Maker may select for each Trading Permit the Market-Maker holds any combination of option classes, whose aggregate registration cost does not exceed 1.0. Option class ‘‘registration costs’’ are set forth below: asabaliauskas on DSK5VPTVN1PROD with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange is proposing to amend its Rule 8.2(d) regarding registration costs. In the current Exchange Rules, Rule 8.2 describes the registration process and corresponding registration costs for Trading Permit Holders (‘‘TPHs’’) on C2. Exchange Rule 8.2(d) lists the registration cost for options classes traded on C2. SPXPM has a registration cost of 1.0, which requires its own Trading Permit. However, SPXPM is no longer a class of options that is traded on C2 and the Exchange is proposing to update Exchange Rule 8.2(d) to reflect that change and to add clarity to the Exchange Rules. By way of background, the Exchange was granted permission by the Commission in 2011 to list and trade Standard & Poor’s 500 Index (‘‘S&P 500’’) options with third-Friday-of-themonth (‘‘Expiration Friday’’) expiration VerDate Sep<11>2014 17:36 Jan 15, 2015 Jkt 235001 change is consistent with the Section 6(b)(5) 6 requirements that the rules of an exchange be 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 regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market 3 See Securities Exchange Act Release No. 34– 65256 (September 2, 2011), 76 FR 175 [sic] (September 9, 2011) (SR–C2–2011–008) (order approving listing and trading SPXPM on C2 on a pilot basis); see also Securities Exchange Act Release No. 34–68888 (February 8, 2013), 78 FR 31 [sic] (February 14, 2013) (SR–CBOE–2012–120) (order approving listing and trading SPXPM on CBOE on a pilot basis). C2 ceased trading SPXPM on February 19, 2013. 4 See Securities Exchange Act Release No. 34– 65452 (September 30, 2011), 76 FR 194 [sic] (October 6, 2011) (SR–C2–2011–023) (immediately effective filing establishing Market-Maker registration costs for SPXPM options). 5 15 U.S.C. 78f(b). 6 15 U.S.C. 78f(b)(5). PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 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) 7 requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. In particular, the Exchange believes that the proposed rule filing will more specifically state the options classes that are traded on C2 and their corresponding registration costs for TPHs. The Exchange believes the proposed change is consistent with the Act in that it is merely updating an Exchange Rule to align with the current practices of the Exchange to avoid confusion with respect to registration costs for Market-Makers on C2. In addition, the proposed filing is not unfairly discriminating because SPXPM is no longer traded on C2 and as a result, the removal of SPXPM from the registration costs provided in 8.2(d) will be applied to all Market-Makers on C2. Finally, the proposed filing protects investors and the public interest by relieving confusion that might otherwise arise by having an obsolete reference in the CBOE [sic] Rule Book. B. Self-Regulatory Organization’s Statement on Burden on Competition C2 does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. In particular, the Exchange does not believe that the proposed rule filing will place any burden on intermarket competition because SPXPM is no longer an option class that is traded on C2 and thus, the change will be applied equally to all Market-Makers registered to trade on C2. Additionally, the Exchange does not believe that the proposed rule filing will place any burden on intermarket competition because it is merely updating the Exchange rules to harmonize them with the current practices of the Exchange. 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 Because the foregoing proposed rule change does not: (i) Significantly affect 7 Id. E:\FR\FM\16JAN1.SGM 16JAN1 Federal Register / Vol. 80, No. 11 / Friday, January 16, 2015 / Notices 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act 8 and Rule 19b– 4(f)(6) 9 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: asabaliauskas on DSK5VPTVN1PROD with NOTICES Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– C2–2014–028 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–C2–2014–028. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing will also be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–C2– 2014–028 and should be submitted on or before February 6, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Brent J. Fields, Secretary. [FR Doc. 2015–00624 Filed 1–15–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74036; File No. SR– NYSEMKT–2014–97] Self-Regulatory Organizations; NYSE MKT LLC; Order Approving Proposed Rule Change Amending Rules 311— Equities and 313—Equities To Add Limited Liability Companies as Eligible Member Organizations and Delineate the Information Limited Liability Companies Must Submit to the Exchange as Part of the Membership Process; Eliminate the Requirement That a Member Corporation Be Created or Organized, and Maintain Its Principal Place of Business, in the United States; and Make Additional Related Amendments To Update Its Membership Rules January 12, 2015. I. Introduction On November 12, 2014, NYSE MKT LLC (the ‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposal to amend NYSE MKT Rules 311—Equities (‘‘Rule 311’’) and 313— Equities (‘‘Rule 313’’) to add limited liability companies (‘‘LLCs’’) to the types of eligible member organizations 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 8 15 U.S.C. 78s(b)(3)(A). 9 17 CFR 240.19b–4(f)(6). VerDate Sep<11>2014 17:36 Jan 15, 2015 1 15 Jkt 235001 PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 2457 and delineate the information LLCs must submit to the Exchange as part of the membership process; eliminate the requirement that a member corporation be created or organized, and maintain its principal place of business, in the United States; and make additional related amendments to update its membership rules. The proposed rule change was published for comment in the Federal Register on November 28, 2014.3 The Commission received one comment on the proposal.4 This order approves the proposed rule change. II. Description of the Proposal A. Rule 311 NYSE MKT Rule 311 governs the formation and approval of member organizations. The Exchange proposes to revise Rule 311 to explicitly provide for LLCs to apply to become member organizations and eliminate the requirement that a member corporation be created or organized, and maintain its principal place of business, in the United States. The Exchange’s membership rules currently provide for member organizations to be corporations or partnerships, but have not explicitly provided for LLCs.5 The Exchange proposes to add LLCs to the types of potential member organizations and require LLCs to meet the same requirements currently applicable to partnerships and corporations set forth in Rule 311(b). As part of the proposed revision, the Exchange seeks to add a new section (4) to Rule 311(b) requiring every member of an LLC to be a member, principal executive, or approved person.6 The Exchange also proposes to amend current Rule 311(b)(6) to reflect that proposed LLC member organizations must, like corporations and partnerships, also comply with any additional requirements as the rules of the Exchange may prescribe. In addition, the Exchange proposes to add new Supplementary Material .16 to Rule 311 to specify that LLC applicants for Exchange membership are subject to Rule 313.24 regarding the submission of copies of proposed or existing limited 3 See Securities Exchange Act Release No. 73671 (Nov. 21, 2014), 79 FR 70900 (Nov. 28, 2014) (‘‘Notice’’). 4 See anonymous comment submitted through the Commission’s Internet comment form on December 19, 2014. 5 Current Rule 311(f) permits the Exchange to approve ‘‘entities that have characteristics essentially similar to corporations, partnerships, or both’’ as a member organization ‘‘on such terms and conditions as the Exchange may prescribe.’’ 6 Rule 311(b)(2) and (b)(3) currently impose the same requirement on the relevant control persons at corporations and partnerships, respectively. E:\FR\FM\16JAN1.SGM 16JAN1

Agencies

[Federal Register Volume 80, Number 11 (Friday, January 16, 2015)]
[Notices]
[Pages 2455-2457]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-00624]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74038; File No. SR-C2-2014-028]


Self-Regulatory Organizations; C2 Options Exchange, Incorporated; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
Relating to Amending Rule 8.2(d)

January 13, 2015.
    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 December 31, 2014, C2 Options Exchange, Incorporated (the 
``Exchange'' or ``C2'') filed with the Securities and Exchange 
Commission (the ``Commission'') the proposed rule change as described 
in Items I 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 is proposing to remove the registration cost of SPXPM 
from Exchange Rule 8.2(d) as this class of options is no longer listed 
or traded on the Exchange. The text of the proposed rule change is 
provided below.
    (additions are italicized; deletions are [bracketed])
* * * * *
    C2 Options Exchange, Incorporated
    Rules
* * * * *
Rule 8.2. Continuing Market-Maker Registration
    (a)-(c) No change.
    (d) Market-Maker Option Class Registration. Absent an exemption by 
the Exchange, an option class registration of a Market-maker confers 
the right to quote in that product. A Market-Maker may change its 
registered classes upon advance notification to the Exchange in a form 
and manner prescribed by the Exchange.

[[Page 2456]]

    Each Trading permit held by a Market-Maker has a registration 
credit of 1.0. A Market-Maker may select for each Trading Permit the 
Market-Maker holds any combination of option classes, whose aggregate 
registration cost does not exceed 1.0. Option class ``registration 
costs'' are set forth below:

------------------------------------------------------------------------
                                                            Registration
                       Option class                             cost
------------------------------------------------------------------------
[SPXPM]...................................................         [1.0]
All [other] options.......................................          .001
(e) No change.............................................
------------------------------------------------------------------------

* * * * *
    The text of the proposed rule change is also 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
    The Exchange is proposing to amend its Rule 8.2(d) regarding 
registration costs. In the current Exchange Rules, Rule 8.2 describes 
the registration process and corresponding registration costs for 
Trading Permit Holders (``TPHs'') on C2. Exchange Rule 8.2(d) lists the 
registration cost for options classes traded on C2. SPXPM has a 
registration cost of 1.0, which requires its own Trading Permit. 
However, SPXPM is no longer a class of options that is traded on C2 and 
the Exchange is proposing to update Exchange Rule 8.2(d) to reflect 
that change and to add clarity to the Exchange Rules.
    By way of background, the Exchange was granted permission by the 
Commission in 2011 to list and trade Standard & Poor's 500 Index (``S&P 
500'') options with third-Friday-of-the-month (``Expiration Friday'') 
expiration dates for which the exercise settlement value will be [sic] 
based on the index value derived from the closing prices of component 
securities (``P.M. settled'') on C2 on a pilot basis.\3\ As a result of 
the Commission's approval to list and trade SPXPM options on C2, the 
Exchange filed a subsequent rule filing to amend 8.2(d) to include the 
registration cost for SPXPM.\4\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 34-65256 (September 
2, 2011), 76 FR 175 [sic] (September 9, 2011) (SR-C2-2011-008) 
(order approving listing and trading SPXPM on C2 on a pilot basis); 
see also Securities Exchange Act Release No. 34-68888 (February 8, 
2013), 78 FR 31 [sic] (February 14, 2013) (SR-CBOE-2012-120) (order 
approving listing and trading SPXPM on CBOE on a pilot basis). C2 
ceased trading SPXPM on February 19, 2013.
    \4\ See Securities Exchange Act Release No. 34-65452 (September 
30, 2011), 76 FR 194 [sic] (October 6, 2011) (SR-C2-2011-023) 
(immediately effective filing establishing Market-Maker registration 
costs for SPXPM options).
---------------------------------------------------------------------------

    Pursuant to Exchange Rule 8.2, an option class registration of a 
Market-Maker confers the right to quote in that product. Each Trading 
Permit held by a Market-Maker has a registration credit of 1.0. A 
Market-Maker may select for trading any combination of available option 
classes whose aggregate is 1.0 for each Trading Permit held. Since the 
Exchange has ceased the listing and trading of SPXPM, the Exchange is 
proposing to amend Rule 8.2(d) to delete the language that lists SPXPM 
and its registration cost of 1.0. There is no need for the registration 
cost of SPXPM to be listed under Rule 8.2(d) as this class of options 
is no longer traded on the Exchange. The Exchange is proposing the 
proposed change to harmonize the Exchange Rules with the current 
practices of the Exchange.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Securities Exchange Act of 1934 (the ``Act'') and the rules and 
regulations thereunder applicable to the Exchange and, in particular, 
the requirements of Section 6(b) of the Act.\5\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \6\ requirements that the rules of an exchange be 
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 regulating, clearing, 
settling, processing information with respect to, and 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) \7\ requirement that the rules of an exchange not be 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
    \7\ Id.
---------------------------------------------------------------------------

    In particular, the Exchange believes that the proposed rule filing 
will more specifically state the options classes that are traded on C2 
and their corresponding registration costs for TPHs. The Exchange 
believes the proposed change is consistent with the Act in that it is 
merely updating an Exchange Rule to align with the current practices of 
the Exchange to avoid confusion with respect to registration costs for 
Market-Makers on C2. In addition, the proposed filing is not unfairly 
discriminating because SPXPM is no longer traded on C2 and as a result, 
the removal of SPXPM from the registration costs provided in 8.2(d) 
will be applied to all Market-Makers on C2. Finally, the proposed 
filing protects investors and the public interest by relieving 
confusion that might otherwise arise by having an obsolete reference in 
the CBOE [sic] Rule Book.

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

    C2 does not believe that the proposed rule change will impose any 
burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act. In particular, the Exchange 
does not believe that the proposed rule filing will place any burden on 
intermarket competition because SPXPM is no longer an option class that 
is traded on C2 and thus, the change will be applied equally to all 
Market-Makers registered to trade on C2. Additionally, the Exchange 
does not believe that the proposed rule filing will place any burden on 
intermarket competition because it is merely updating the Exchange 
rules to harmonize them with the current practices of the Exchange.

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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect

[[Page 2457]]

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, it has become effective pursuant to Section 
19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) \9\ thereunder.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    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-C2-2014-028 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-C2-2014-028. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of such filing will also be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-C2-2014-028 and should be 
submitted on or before February 6, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-00624 Filed 1-15-15; 8:45 am]
BILLING CODE 8011-01-P
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