Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule To Amend the Fees Schedule, 40739-40741 [2016-14714]
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Federal Register / Vol. 81, No. 120 / Wednesday, June 22, 2016 / Notices
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)(ii) of the Act.10
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: (i) Necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) otherwise in
furtherance of the purposes of the Act.
If the Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–14713 Filed 6–21–16; 8:45 am]
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–
NASDAQ–2016–083 on the subject line.
Paper Comments
mstockstill on DSK3G9T082PROD with NOTICES
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
NASDAQ–2016–083, and should be
submitted on or before July 13, 2016.
• 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–NASDAQ–2016–083. 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.,
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78090; File No. SR–C2–
2016–008]
Self-Regulatory Organizations; C2
Options Exchange, Incorporated;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule To
Amend the Fees Schedule
June 16, 2016.
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 June 10,
2016, C2 Options Exchange,
Incorporated (the ‘‘Exchange’’ or ‘‘C2’’)
filed with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
Fees Schedule. The text of the proposed
rule change is available on the
Exchange’s Web site (https://
www.c2exchange.com/Legal/), at the
Exchange’s Office of the Secretary, and
at the Commission’s Public Reference
Room.
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
10 15
U.S.C. 78s(b)(3)(A)(ii).
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20:02 Jun 21, 2016
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Fmt 4703
Sfmt 4703
40739
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
Fees Schedule with respect to the
Linkage Routing fee.3 By way of
background, the Linkage Routing fee is
assessed to all orders routed pursuant to
the Options Order Protection and
Locked/Crossed Market Plan. The
Linkage Routing fee is currently $0.70
per contract plus applicable Taker fees.
The Exchange proposes to waive the
Linkage Routing fee and Taker fees for
orders that are routed to another
Exchange if entered on (i) a prior
business day or (ii) prior to 8:30 a.m.
CST on the same business day.
The Exchange notes that trades on the
open involve the matching of preopening orders and quotes and orders
resting in the book from the prior
business day and therefore, in effect, no
Maker or Taker activity is occurring. As
such, the Exchange currently waives the
fees for trades on the open. The
Exchange would similarly like to waive
the Linkage Routing fee and applicable
Taker fees for (i) pre-opening orders that
are submitted by 8:30 a.m. CST and (ii)
for orders resting in the book from a
prior business day that link away to
another Exchange. The Exchange notes
that pre-opening orders submitted by
8:30 a.m. CST and orders resting in the
book from a prior business day may
potentially be linked away after being
exposed during the opening process
pursuant to C2 Rule 6.11.4 The
Exchange notes that it does not wish to
assess Linkage or transaction fees for
these orders however, as no Maker or
Taker activity is occurring.
Additionally, the Exchange notes that
3 The Exchange initially filed the proposed fee
change on June 1, 2016 (SR–C2–2016–006). On June
10, 2016, the Exchange withdrew that filing and
replaced it with SR–C2–2016–008.
4 See C2 Rule 6.11.
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22JNN1
40740
Federal Register / Vol. 81, No. 120 / Wednesday, June 22, 2016 / Notices
mstockstill on DSK3G9T082PROD with NOTICES
while a sender of an order intraday
would likely know upon submission
whether that order could potentially
link away that day based on the
National Best Bid and Offer (NBBO) and
resting simple orders and quotes, a
sender of an order could not know at the
time of submission whether that order
would link away after an opening
rotation on the following trade date (or
if entered the same business day prior
to 8:30 a.m. CST, whether it would link
away after being exposed during the
upcoming opening). The Exchange
therefore does not wish to assess
Linkage or Taker fees for these orders.
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
Section 6(b)(4) of the Act,7 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
rule change is reasonable because
market participants won’t be assessed
Linkage Routing or Taker fees for orders
that are routed to another Exchange if
entered on a prior business day or prior
to 8:30 a.m. CST on the same business
day. The Exchange also believes it’s
reasonable, equitable and not unfairly
discriminatory to not assess linkage or
transaction fees for these transactions
because no Maker or Taker activity is
occurring in these instances and
because market participants cannot
anticipate upon submission whether
their order would be linked away after
exposure during an opening process,
5 15
6 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
VerDate Sep<11>2014
20:02 Jun 21, 2016
which would result in that market
participant being assessed Taker fees
(and in some instances, when they may
otherwise have expected to be treated as
a Maker). The Exchange also wishes to
avoid discouraging Trading Permit
Holders (‘‘TPHs’’) from canceling resting
orders at the end of the day and from
sending pre-opening orders (so as to
avoid possible linkage and Taker fees if
linked away after an opening rotation).
Finally, the Exchange believes the
proposed change is equitable and not
unfairly discriminatory because it
applies to all market participants.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
C2 does not believe that the proposed
rule change will impose any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act. The Exchange does
not believe that the proposed rule
change will impose any burden on
intramarket competition that is not
necessary or appropriate in furtherance
of the purposes of the Act because the
proposed rule change applies to all
TPHs and because the Exchange does
not wish to assess fees on orders that a
TPH cannot anticipate being linked
away and unexpectedly incur Linkage
and Taker fees. The Exchange does not
believe that the proposed change will
impose any burden on intermarket
competition because it only effects
trading on C2. Should the proposed
change make C2 a more attractive
trading venue for market participants at
other exchanges, such market
participants may elect to become market
participants at C2. Additionally, the
Exchange notes that it operates in a
highly competitive market, comprised of
fourteen options exchanges, in which
market participants can easily and
readily direct order flow to competing
venues if they deem fee levels at a
particular venue to be excessive or
rebates to be inadequate.
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 8 and paragraph (f) of Rule
8 15
Jkt 238001
PO 00000
U.S.C. 78s(b)(3)(A).
Frm 00088
Fmt 4703
19b–4 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:
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–
C2–2016–008 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–C2–2016–008. 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
9 17
Sfmt 4703
E:\FR\FM\22JNN1.SGM
CFR 240.19b–4(f).
22JNN1
Federal Register / Vol. 81, No. 120 / Wednesday, June 22, 2016 / Notices
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–
2016–008 and should be submitted on
or before July 13, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–14714 Filed 6–21–16; 8:45 am]
been added to the system of records,
Legal Case Management Records, State21, to ensure Privacy Act of 1974
compliance: Purpose and Disclosure to
Consumer Reporting Agencies.
The Department’s report was filed
with the Office of Management and
Budget. The amended system
description, ‘‘Legal Case Management
Records, State-21,’’ will read as set forth
below.
Joyce A. Barr,
Assistant Secretary for Administration, U.S.
Department of State.
SYSTEM NAME:
Legal Case Management Records.
DEPARTMENT OF STATE
SECURITY CLASSIFICATION:
[Public Notice: 9613]
Notice is hereby given that
the Department of State proposes to
amend an existing system of records,
Legal Case Management Records, State21, pursuant to the provisions of the
Privacy Act of 1974, as amended (5
U.S.C. 552a) and Office of Management
and Budget Circular No. A–130,
Appendix I.
DATES: This system of records will be
effective on August 1, 2016, unless we
receive comments that will result in a
contrary determination.
ADDRESSES: Any persons interested in
commenting on the amended system of
records may do so by writing to the
Director; Office of Information Programs
and Services, A/GIS/IPS; Department of
State, SA–2; 515 22nd Street NW.,
Washington, DC 20522–8100.
FOR FURTHER INFORMATION CONTACT:
William Fischer, Acting Director; Office
of Information Programs and Services,
A/GIS/IPS; Department of State, SA–2;
515 22nd Street NW., Washington, DC
20522–8100, or at Privacy@state.gov.
SUPPLEMENTARY INFORMATION: The
Department of State proposes that the
current system will retain the name
‘‘Legal Case Management Records’’
(previously published at 42 FR 49709).
Information in the Legal Adviser’s Case
Management Records is used to provide
or facilitate the provision of legal advice
and opinion to the offices of the
Department of State and to facilitate
defense or representation of the
Department in litigation and in other
legal proceedings. The proposed system
will include modifications to all
sections. The following sections have
mstockstill on DSK3G9T082PROD with NOTICES
SUMMARY:
10 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
20:02 Jun 21, 2016
Jkt 238001
SYSTEM LOCATION:
Department of State, 2201 C Street
NW., Washington, DC 20520;
Department of State annexes, U.S.
Embassies, U.S. Consulates General, and
U.S. Consulates.
CATEGORIES OF INDIVIDUALS COVERED BY THE
SYSTEM:
Individuals who have filed
administrative grievances and Equal
Employment Opportunity complaints;
individuals involved in disciplinary
proceedings; individuals involved in
alleged criminal activity or activity in
violation of regulations; individuals
who have filed claims against the
United States; individuals who have
sued the Department of State or any
officials; individuals whose records may
be relevant to legal proceedings
involving the Department of State;
individuals who are the subjects of
inquiries from federal, state, and local
agencies; individuals who are the
subjects of income withholding orders,
garnishment orders, bankruptcy orders,
state tax liens, and similar court or
agency documents; individuals who
have raised or discussed legal or policy
questions with the Office of the Legal
Adviser; and individuals who have
otherwise contacted the Office of the
Legal Adviser.
CATEGORIES OF RECORDS IN THE SYSTEM:
Biographic information, such as
name, contact information, and place of
birth; employment histories; summaries
of circumstances surrounding
grievances, Equal Employment
Opportunity complaints, claims,
litigation, or disciplinary proceedings;
internal memoranda; copies of
indictments and charges; criminal
records and reports of investigations;
electronic mail (email); electronic
PO 00000
Frm 00089
Fmt 4703
Sfmt 4703
5 U.S.C. 301; 22 U.S.C. 2651a; 22
U.S.C. 2656; 42 U.S.C. 659; 42 U.S.C.
666; 5 CFR part 581.
PURPOSE(S):
Unclassified and Classified.
Privacy Act; System of Records: Legal
Case Management Records, State-21.
records in various formats; supporting
documentation for a case against an
individual; contracts and other legal
documents; income withholding orders,
garnishment orders, bankruptcy orders,
state tax liens, and similar court or
agency documents; inquiries from
federal, state, and local agencies and
responses to those inquiries; documents
that may be relevant to legal
proceedings and investigations;
correspondence related to legal or
policy issues, regardless of format
(paper or electronic).
AUTHORITY FOR MAINTENANCE OF THE SYSTEM:
STATE–21
BILLING CODE 8011–01–P
40741
Information in the Legal Adviser’s
Case Management Records is used to
provide or facilitate the provision of
legal advice and opinion to the offices
of the Department of State and to
facilitate defense or representation of
the Department in litigation and in other
legal proceedings. Information may also
be used to reply to requests from courts
or agencies.
ROUTINE USES OF RECORDS MAINTAINED IN THE
SYSTEM, INCLUDING CATEGORIES OF USERS AND
PURPOSES OF SUCH USES:
The principal users of this
information outside the Department of
State are:
(a) The Department of Justice and
other federal agencies in connection
with facilitating defense of the
Department in legal proceedings,
analyzing legal issues, or fulfilling
statutory responsibilities;
(b) Federal, state, and foreign courts,
tribunals, and adjudicatory bodies in
connection with legal proceedings;
(c) A party to a legal proceeding
involving the Department, or the party’s
attorney or other designated
representative in connection with legal
proceedings;
(d) An attorney or other designated
representative of any source, witness or
subject in connection with legal
proceedings;
(e) Appropriate committees and
subcommittees of Congress in
furtherance of their respective oversight
functions; and
(f) Federal agencies having statutory
or other lawful authority to maintain
such information.
The Department may respond to
federal, state, and local agency inquiries
related to child support, alimony,
bankruptcy, state tax lien, or similar
issues. Pursuant to a court or agency
order, the Department may disclose
E:\FR\FM\22JNN1.SGM
22JNN1
]]>Agencies
[Federal Register Volume 81, Number 120 (Wednesday, June 22, 2016)]
[Notices]
[Pages 40739-40741]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-14714]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-78090; File No. SR-C2-2016-008]
Self-Regulatory Organizations; C2 Options Exchange, Incorporated;
Notice of Filing and Immediate Effectiveness of a Proposed Rule To
Amend the Fees Schedule
June 16, 2016.
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 June 10, 2016, C2 Options Exchange, Incorporated (the
``Exchange'' or ``C2'') filed with the Securities and Exchange
Commission (the ``Commission'') the proposed rule change as described
in Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its Fees Schedule. The text of the
proposed rule change is available on the Exchange's Web site (https://www.c2exchange.com/Legal/), at the Exchange's Office of the Secretary,
and at the Commission'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 proposes to amend its Fees Schedule with respect to
the Linkage Routing fee.\3\ By way of background, the Linkage Routing
fee is assessed to all orders routed pursuant to the Options Order
Protection and Locked/Crossed Market Plan. The Linkage Routing fee is
currently $0.70 per contract plus applicable Taker fees. The Exchange
proposes to waive the Linkage Routing fee and Taker fees for orders
that are routed to another Exchange if entered on (i) a prior business
day or (ii) prior to 8:30 a.m. CST on the same business day.
---------------------------------------------------------------------------
\3\ The Exchange initially filed the proposed fee change on June
1, 2016 (SR-C2-2016-006). On June 10, 2016, the Exchange withdrew
that filing and replaced it with SR-C2-2016-008.
---------------------------------------------------------------------------
The Exchange notes that trades on the open involve the matching of
pre-opening orders and quotes and orders resting in the book from the
prior business day and therefore, in effect, no Maker or Taker activity
is occurring. As such, the Exchange currently waives the fees for
trades on the open. The Exchange would similarly like to waive the
Linkage Routing fee and applicable Taker fees for (i) pre-opening
orders that are submitted by 8:30 a.m. CST and (ii) for orders resting
in the book from a prior business day that link away to another
Exchange. The Exchange notes that pre-opening orders submitted by 8:30
a.m. CST and orders resting in the book from a prior business day may
potentially be linked away after being exposed during the opening
process pursuant to C2 Rule 6.11.\4\ The Exchange notes that it does
not wish to assess Linkage or transaction fees for these orders
however, as no Maker or Taker activity is occurring. Additionally, the
Exchange notes that
[[Page 40740]]
while a sender of an order intraday would likely know upon submission
whether that order could potentially link away that day based on the
National Best Bid and Offer (NBBO) and resting simple orders and
quotes, a sender of an order could not know at the time of submission
whether that order would link away after an opening rotation on the
following trade date (or if entered the same business day prior to 8:30
a.m. CST, whether it would link away after being exposed during the
upcoming opening). The Exchange therefore does not wish to assess
Linkage or Taker fees for these orders.
---------------------------------------------------------------------------
\4\ See C2 Rule 6.11.
---------------------------------------------------------------------------
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
Section 6(b)(4) of the Act,7 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.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes the proposed rule change is reasonable
because market participants won't be assessed Linkage Routing or Taker
fees for orders that are routed to another Exchange if entered on a
prior business day or prior to 8:30 a.m. CST on the same business day.
The Exchange also believes it's reasonable, equitable and not unfairly
discriminatory to not assess linkage or transaction fees for these
transactions because no Maker or Taker activity is occurring in these
instances and because market participants cannot anticipate upon
submission whether their order would be linked away after exposure
during an opening process, which would result in that market
participant being assessed Taker fees (and in some instances, when they
may otherwise have expected to be treated as a Maker). The Exchange
also wishes to avoid discouraging Trading Permit Holders (``TPHs'')
from canceling resting orders at the end of the day and from sending
pre-opening orders (so as to avoid possible linkage and Taker fees if
linked away after an opening rotation). Finally, the Exchange believes
the proposed change is equitable and not unfairly discriminatory
because it applies to all market participants.
B. Self-Regulatory Organization's Statement on Burden on Competition
C2 does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange does not believe
that the proposed rule change will impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act because the proposed rule change applies to all
TPHs and because the Exchange does not wish to assess fees on orders
that a TPH cannot anticipate being linked away and unexpectedly incur
Linkage and Taker fees. The Exchange does not believe that the proposed
change will impose any burden on intermarket competition because it
only effects trading on C2. Should the proposed change make C2 a more
attractive trading venue for market participants at other exchanges,
such market participants may elect to become market participants at C2.
Additionally, the Exchange notes that it operates in a highly
competitive market, comprised of fourteen options exchanges, in which
market participants can easily and readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or rebates to be inadequate.
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 \8\ and paragraph (f) of Rule 19b-4 \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.
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-C2-2016-008 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-C2-2016-008. 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
[[Page 40741]]
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-C2-2016-008 and should be
submitted on or before July 13, 2016.
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\10\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-14714 Filed 6-21-16; 8:45 am]
BILLING CODE 8011-01-P
