1886 Federal Register / Vol. 78, No. 6 / Wednesday, January 9, 2013 / Notices 

1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3Changes are marked to the rules of PHLX are 

found at http://nasdaqomxphlx.cchwallstreet.com/. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–68576; File No. SR–Phlx– 

2012–145] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend Its 

Fee Schedule for the Following Direct 

Data Feed Products: Top of Phlx 

Options Data Feed, the Top of Phlx 

Options Plus Orders Data Feed, the 

PHLX Orders Data Feed and the PHLX 

Depth of Market Data Feed 

January 3, 2013. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

21, 2012, NASDAQ OMX PHLX LLC 

(‘‘Phlx’’ or ‘‘Exchange’’) 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 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 the Substance 

of the Proposed Rule Change 

The Exchange proposes to amend its 

fee schedule for the four direct data feed 

products. 

While changes to the Pricing 

Schedule pursuant to this proposal are 

effective upon filing, the Exchange has 

designated the proposed amendment to 

be operative on January 2, 2013. 

The text of the proposed rule change 

is below. Proposed new language is 

italicized; proposed deletions are 

bracketed.3

* * * * * 

IX. Proprietary Data Feed Fees 

TOP OF PHLX OPTIONS (‘‘TOPO’’) 

Account type Monthly 

charge 

Internal Distributor ........................ $2,000 

External Distributor ....................... 2,500 

Non-Professional Subscriber ........ 1 

Professional Subscriber ................ 40 

• A Non-Professional Subscriber is a 

natural person who is neither: (i) 

registered or qualified in any capacity 

with the Commission, the Commodities 

Futures Trading Commission, any state 

securities agency, any securities 

exchange or association, or any 

commodities or futures contract market 

or association; (ii) engaged as an 

‘‘investment adviser’’ as that term is 

defined in Section 201(11) of the 

Investment Advisors Act of 1940 

(whether or not registered or qualified 

under that Act); nor (iii) employed by a 

bank or other organization exempt from 

registration under federal or state 

securities laws to perform functions that 

would require registration or 

qualification if such functions were 

performed for an organization not so 

exempt. A Non-Professional Subscriber 

may only use the data provided for 

personal purposes and not for any 

commercial purpose. 

• A Professional Subscriber is any 

Subscriber that is not a NonProfessional Subscriber. If the NASDAQ 

OMX Subscriber agreement is signed in 

the name of a business or commercial 

entity, such entity would be considered 

a Professional Subscriber. 

• The Monthly Charge per Subscriber 

(both Professional and NonProfessional) covers the usage of all four 

PHLX data products and will not be 

assessed separately for each data 

product. PHLX data is comprised of Top 

of Phlx Options (‘‘TOPO’’), TOPO Plus 

Orders, PHLX Orders and PHLX Depth 

Data feeds. For example, if a firm has 

one Professional (Non-Professional) 

Subscriber accessing TOPO, TOPO Plus 

Orders, PHLX Orders and PHLX Depth 

of Market the firm would only report the 

Subscriber once and pay $40 ($1 for 

Non-Professional). 

• A ‘‘distributor’’ of NASDAQ OMX 

PHLX data is any entity that receives a 

feed or data file of data directly from 

NASDAQ OMX PHLX or indirectly 

through another entity and then 

distributes it either internally (within 

that entity) or externally (outside that 

entity). All distributors shall execute a 

NASDAQ OMX Subscriber agreement. 

Non-Display Enterprise License 

The $10,000 per month Non-Display 

Enterprise License fee permits 

distribution to an unlimited number of 

internal non-display Subscribers 

without incurring additional fees for 

each internal Subscriber. The NonDisplay Enterprise License covers nondisplay Subscriber fees for all PHLX 

proprietary direct data feed products 

and is in addition to any other 

associated distributor fees for PHLX 

proprietary direct data feed products. 

Managed Data Solutions 

The charges to be paid by Distributors 

and Subscribers of Managed Data 

Solutions products containing Top of 

PHLX Options shall be: 

Fee schedule for Managed Data Solutions Price 

Managed Data Solution Administration Fee (for the right to offer Managed Data Solutions to client organizations) .. $1,500/mo Per Distributor. 

PHLX Managed Data Solution Subscriber Fee .............................................................................................................. $250/mo per Subscriber. 

TOPO PLUS ORDERS

Account type Monthly 

charge 

Internal Distributor ........................ $4,000 

External Distributor ....................... 5,000 

Non-Professional Subscriber ........ 1 

Professional Subscriber ................ [2]40 

[• The Monthly Charge and 

Subscriber Fees applicable to TOPO 

Plus Orders users are effective 

beginning June 1, 2010.] 

[• The Monthly Charge applicable to 

Internal Distributors of TOPO Plus 

Orders will apply to Specialized Order 

Feed users that have not migrated to 

TOPO Plus Orders on or before June 1, 

2010.] 

[• A Non-Professional Subscriber is a 

natural person who is neither: (i) 

registered or qualified in any capacity 

with the Commission, the Commodities 

Futures Trading Commission, any state 

securities agency, any securities 

exchange or association, or any 

commodities or futures contract market 

or association; (ii) engaged as an 

‘‘investment adviser’’ as that term is 

defined in Section 201(11) of the 

Investment Advisors Act of 1940 

(whether or not registered or qualified 

under that Act); nor (iii) employed by a 

bank or other organization exempt from 

registration under federal or state 

securities laws to perform functions that 

would require registration or 

qualification if such functions were 

performed for an organization not so 

exempt. A Non-Professional Subscriber 

may only use the data provided for 


srobinson on DSK4SPTVN1PROD with 
Federal Register / Vol. 78, No. 6 / Wednesday, January 9, 2013 / Notices 1887 

4A Complex Order is an order involving the 

simultaneous purchase and/or sale of two or more 

different options series in the same underlying 

security, priced as a net debit or credit based on the 

relative prices of the individual components, for the 

same account, for the purpose of executing a 

particular investment strategy. See Exchange Rule 

1080.08(a)(i). 

5See Exchange Rule 1080.08(e). 

6PHLX Depth of Market is the equivalent of, and 

is based on, the NASDAQ ITCH to Trade Options 

or ‘‘ITTO’’ data feed that NASDAQ offers under 

NASDAQ Options Market (‘‘NOM’’) Rules, Chapter 

VI, Section 1(a)(3)(A). See Securities Exchange Act 

Release No. 63983 (February 25, 2011), 76 FR 12178 

(March 4, 2011) (SR–NASDAQ–2011–032). 

7PHLX proposes to move the definitions in the 

rule text above without changing the meaning of the 

definitions. 

8The foregoing fee structure is similar to the 

structure in place for the NASDAQ Options Market 

(‘‘NOM’’) enterprise license which entitles a 

distributor to provide BONOSM and ITTO market 

data to an unlimited number of non-display devices 

within the firm without any per Subscriber charge. 

See NASDAQ Options Rules, Chapter XV, Sec. 4 (a) 

NASDAQ Options Market Data Distributor Fees. 

personal purposes and not for any 

commercial purpose.] 

[• A Professional Subscriber is any 

Subscriber that is not a NonProfessional Subscriber. If the NASDAQ 

OMX Subscriber agreement is signed in 

the name of a business or commercial 

entity, such entity would be considered 

a Professional Subscriber.] 

PHLX ORDERS

Account type Monthly 

charge 

Internal Distributor ........................ $3,000 

External Distributor ....................... 3,500 

Non-Professional Subscriber ........ 1 

Professional Subscriber ................ 40 

PHLX DEPTH DATA

Account type Monthly 

charge 

Internal Distributor ........................ $4,000 

External Distributor ....................... 4,500 

Non-Professional Subscriber ........ 1 

Professional Subscriber ................ 40 

PHLX OPTIONS TRADE OUTLINE

(‘‘PHOTO’’) 

Account type Monthly 

charge 

End of Day Product Subscriber .... $500 

Intra-Day Product Subscriber ....... 1,500 

PHOTO HISTORICAL DATA

Account type 

Charge 

per 

calendar 

month requested 

End of Day Product Subscriber .... 400 

Intra-Day Product Subscriber ....... 750 

9 For example, a subscriber who requests 

End of Day PHOTO Historical Data for the 

Month of March, 2009 would be charged 

$400. A subscriber who requests End of Day 

PHOTO Historical Data for the months of 

March, 2009 and April, 2009 would be 

charged $400 for the March, 2009 End of Day 

data and $400 for the April, 2009 End of day 

data, for a total of $800, etc. A subscriber 

who requests Intra-Day PHOTO Historical 

Data for the Month of March, 2009 would be 

charged $750.00. A subscriber who requests 

Intra-Day PHOTO Historical Data for the 

months of March, 2009 and April, 2009 

would be charged $750 for the March, 2009 

Intra-Day data and $750 for the April, 2009 

Intra-Day data, for a total of $1,500, etc. 

* * * * * 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to amend the fees for TOPO, 

TOPO Plus Orders, PHLX Orders and 

PHLX Depth of Market data products. 

TOPO provides Subscribers a direct data 

feed that includes the Exchange’s best 

bid and offer position, with aggregate 

size, based on displayable order and 

quoting interest. The TOPO Plus Orders 

data feed product combines the TOPO 

and PHLX Orders data feeds and 

provides Exchange top-of-market data 

(including quotes and trades), together 

with real-time full depth order 

information. TOPO Plus Orders data 

enables Subscribers to monitor their 

order book(s), including single and 

complex orders,4 and Complex Order 

Live Auction (‘‘COLA’’) 5 for all options 

listed on PHLX. The PHLX Orders data 

feed provides the same single and 

complex order information described 

above that makes up the ‘‘Plus Orders’’ 

portion of the TOPO Plus Orders data 

product. The PHLX Depth of Market 

data feed includes full depth of quotes 

and orders, imbalance information and 

last sale data for options listed on 

PHLX.6

The Exchange proposes to modify the 

method for assessing fees for 

Professional Subscribers. Currently, the 

Exchange assesses a $20 monthly fee for 

Professional Subscribers to TOPO Plus 

Orders. There is currently no monthly 

Professional Subscriber fee for TOPO, 

PHLX Orders, or PHLX Depth of 

Market.7

The Exchange proposes to establish a 

single monthly Professional Subscriber 

fee of $40 that will entitle such 

Subscriber to access all PHLX data 

feeds. This will increase the monthly 

Professional Subscriber Fee on TOPO 

Plus Orders from $20 to $40 per 

Subscriber, however it will 

simultaneously add access to the 

remaining PHLX data feeds. The 

proposal will result in the Exchange for 

the first time assessing a $40 per month 

fee for Professional Subscribers of 

TOPO, PHLX Orders and PHLX Depth 

of Market. Professional Subscribers will 

pay the monthly Subscriber fee once for 

access to any or all of the current data 

feeds of PHLX data. For example, the 

firm would only report the Professional 

Subscriber once and pay $40 for access 

to TOPO, TOPO Plus Orders, PHLX 

Orders and PHLX Depth of Market. 

Similarly, the Exchange is modifying 

the method for assessing NonProfessional Subscriber fees. Presently, 

the monthly Subscriber Fee assessed to 

External Distributors for TOPO Plus 

Orders is $1 per Non-Professional 

Subscriber. The Exchange now proposes 

to assess a monthly Subscriber Fee of $1 

per Non-Professional Subscriber to 

External Distributors for TOPO, PHLX 

Orders and PHLX Depth of Market. 

Similar to the inclusive fee for 

Professional Subscribers, NonProfessional Subscribers will pay the 

monthly fee of $1 to access any or all 

of the data feeds of PHLX data. The 

Exchange believes that by allowing 

access to multiple products for one 

price, it will allow for a broad 

dissemination of PHLX data overall and 

a wider range of consumer choice. 

Finally, the Exchange proposes to 

establish a monthly Non-Display 

Enterprise License fee of $10,000. This 

enterprise license will entitle a 

distributor to provide market data to an 

unlimited number of internal nondisplay devices within a firm rather 

than incurring per Subscriber charges.8

This pricing structure offers two 

advantages. First, it establishes a 


srobinson on DSK4SPTVN1PROD with 
1888 Federal Register / Vol. 78, No. 6 / Wednesday, January 9, 2013 / Notices 

9 15 U.S.C. 78f. 

10 15 U.S.C. 78f(b)(4) and (5). 

11Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496 (June 29, 2005). 

monthly fee cap for distributors with 

large customer bases, effectively 

lowering average cost per user and 

marginal costs per user beyond the 

monthly breakpoint. Second, the 

enterprise license offers administrative 

ease by eliminating the need for 

distributors to tally, track, and report to 

the Exchange a specific number of 

individual users. This is a voluntary 

option; distributors are permitted to 

choose between existing pricing and the 

new enterprise license. 

The Exchange notes that the 

categories of TOPO, PHLX Orders, 

PHLX Depth of Market or TOPO Plus 

Orders market data and fees compete 

with similar products offered by other 

markets such as International Stock 

Exchange (‘‘ISE’’), NYSE, NOM and 

Chicago Board Options Exchange 

(‘‘CBOE’’). For example, ISE offers 

market data products that are similar to 

TOPO: A data feed that shows the top 

of the market entitled TOP Quote Feed, 

and a data feed that shows the top five 

price levels entitled Depth of Market. 

NYSE offers a market data product for 

Arca and Amex that is similar to TOPO 

and PHLX Depth of Market: a feed that 

shows top of book, last sale, and depth 

of quote and is entitled NYSE Arca Book 

for Options. A subsidiary of CBOE for 

which CBOE charges fees offers a 

market data feed that is similar to TOPO 

and shows BBO, last sale, and top of 

book data. And BATS offers Multicast 

PITCH, which is their depth of market 

and last sale feed similar to PHLX Depth 

of Market. 

2. Statutory Basis 

Phlx believes that the proposed rule 

change is consistent with the provisions 

of Section 6 of the Act,9 in general, and 

with Section 6(b)(4) and 6(b)(5) of the 

Act,10 in particular, in that it provides 

an equitable allocation of reasonable 

fees among Subscribers and recipients 

of PHLX data and is not designed to 

permit unfair discrimination between 

them. In adopting Regulation NMS, the 

Commission granted self-regulatory 

organizations and broker-dealers 

increased authority and flexibility to 

offer new and unique market data to the 

public. It was believed that this 

authority would expand the amount of 

data available to consumers, and also 

spur innovation and competition for the 

provision of market data. 

The Commission concluded that 

Regulation NMS—by deregulating the 

market in proprietary data—would itself 

further the Act’s goals of facilitating 

efficiency and competition: 

[E]fficiency is promoted when brokerdealers who do not need the data beyond the 

prices, sizes, market center identifications of 

the NBBO and consolidated last sale 

information are not required to receive (and 

pay for) such data. The Commission also 

believes that efficiency is promoted when 

broker-dealers may choose to receive (and 

pay for) additional market data based on their 

own internal analysis of the need for such 

data.11

By removing ‘‘unnecessary regulatory 

restrictions’’ on the ability of exchanges 

to sell their own data, Regulation NMS 

advanced the goals of the Act and the 

principles reflected in its legislative 

history. If the free market should 

determine whether proprietary data is 

sold to broker-dealers at all, it follows 

that the price at which such data is sold 

should be set by the market as well. 

TOPO, TOPO Plus Orders, PHLX Orders 

and PHLX Depth of Market data 

products are precisely the sort of market 

data products that the Commission 

envisioned when it adopted Regulation 

NMS. 

On July 21, 2010, President Barack 

Obama signed into law H.R. 4173, the 

Dodd-Frank Wall Street Reform and 

Consumer Protection Act of 2010 

(‘‘Dodd-Frank Act’’), which amended 

Section 19 of the Act. Among other 

things, Section 916 of the Dodd-Frank 

Act amended paragraph (A) of Section 

19(b)(3) of the Act by inserting the 

phrase ‘‘on any person, whether or not 

the person is a member of the selfregulatory organization’’ after ‘‘due, fee 

or other charge imposed by the selfregulatory organization.’’ As a result, all 

self-regulatory organization (‘‘SRO’’) 

rule proposals establishing or changing 

dues, fees, or other charges are 

immediately effective upon filing 

regardless of whether such dues, fees, or 

other charges are imposed on members 

of the SRO, non-members, or both. 

Section 916 further amended paragraph 

(C) of Section 19(b)(3) of the Act to read, 

in pertinent part, ‘‘At any time within 

the 60-day period beginning on the date 

of filing of such a proposed rule change 

in accordance with the provisions of 

paragraph (1) [of Section 19(b)], the 

Commission summarily may 

temporarily suspend the change in the 

rules of the self-regulatory organization 

made thereby, 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 this title. If the Commission 

takes such action, the Commission shall 

institute proceedings under paragraph 

(2)(B) [of Section 19(b)] to determine 

whether the proposed rule should be 

approved or disapproved.’’ 

The decision of the United States 

Court of Appeals for the District of 

Columbia Circuit in NetCoalition v. 

SEC, No. 09–1042 (D.C. Cir. 2010), 

although reviewing a Commission 

decision made prior to the effective date 

of the Dodd-Frank Act, upheld the 

Commission’s reliance upon 

competitive markets to set reasonable 

and equitably allocated fees for market 

data. ‘‘In fact, the legislative history 

indicates that the Congress intended 

that the market system ‘evolve through 

the interplay of competitive forces as 

unnecessary regulatory restrictions are 

removed’ and that the SEC wield its 

regulatory power ‘in those situations 

where competition may not be 

sufficient,’ such as in the creation of a 

‘consolidated transactional reporting 

system.’ ’’ NetCoalition, at 15 (quoting 

H.R. Rep. No. 94–229, at 92 (1975), as 

reprinted in 1975 U.S.C.C.A.N. 321, 

323). The court’s conclusions about 

Congressional intent are therefore 

reinforced by the Dodd-Frank Act 

amendments, which create a 

presumption that exchange fees, 

including market data fees, may take 

effect immediately, without prior 

Commission approval, and that the 

Commission should take action to 

suspend a fee change and institute a 

proceeding to determine whether the fee 

change should be approved or 

disapproved only where the 

Commission has concerns that the 

change may not be consistent with the 

Act. 

Phlx believes that the proposed fee is 

fair and equitable in accordance with 

Section 6(b)(4) of the Act, and not 

unreasonably discriminatory in 

accordance with Section 6(b)(5) of the 

Act. As described above, the proposed 

fee is based on pricing conventions and 

distinctions that exist in Phlx’s current 

fee schedule, and the fee schedules of 

other exchanges. These distinctions 

(top-of-book versus Depth-of-Book, 

Professional versus non-Professional 

Subscribers, and Internal versus 

External Distribution) are each based on 

principles of fairness and equity that 

have helped for many years to maintain 

fair, equitable, and not unreasonably 

discriminatory fees, and that apply with 

equal or greater force to the current 

proposal. The use of enterprise licenses 

is also a well-established method for 

assessing equitable fees, providing as it 

does a pricing and administrative 

efficiency benefit for high-volume 

usage. 

Importantly, the proposed products 

are entirely optional to all parties. Firms 

are not required to purchase TOPO, 


srobinson on DSK4SPTVN1PROD with 
Federal Register / Vol. 78, No. 6 / Wednesday, January 9, 2013 / Notices 1889 

12 15 U.S.C. 78s(b)(3)(A)(ii). 

13 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

TOPO Plus Orders, PHLX Orders and 

PHLX Depth of Market data feed or to 

utilize any specific pricing alternative if 

they do choose to purchase TOPO, 

TOPO Plus Orders, PHLX Orders and 

PHLX Depth of Market data feed. Phlx 

is not required to make TOPO, TOPO 

Plus Orders, PHLX Orders and PHLX 

Depth of Market data feed available or 

to offer specific pricing alternatives for 

potential purchases. Phlx can 

discontinue offering a pricing 

alternative (as it has in the past) and 

firms can discontinue their use at any 

time and for any reason (as they often 

do), including due to their assessment of 

the reasonableness of fees charged. Phlx 

continues to establish and revise pricing 

policies aimed at increasing fairness and 

equitable allocation of fees among 

Subscribers. If the market deems the 

proposed fees to be unfair or 

inequitable, firms can diminish or 

discontinue their use of this data. 

Phlx believes that periodically it must 

adjust TOPO, TOPO Plus Orders, PHLX 

Orders and PHLX Depth of Market data 

feed Enterprise Data Subscriber fees to 

reflect market forces. Given that this fee 

change represents the first Professional 

and Non-Professional Subscriber price 

change to TOPO, TOPO Plus Orders, 

PHLX Orders and PHLX Depth of 

Market data products, Phlx believes it is 

an appropriate time to adjust these fees 

to more accurately reflect the 

investments made to enhance this 

product through capacity upgrades and 

data sets added. This also reflects that 

the market for TOPO, TOPO Plus 

Orders, PHLX Orders and PHLX Depth 

of Market data feed information is 

highly competitive and continually 

evolves as products develop and 

change. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

Phlx does not believe that the 

proposed rule change will result in any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended. 

To the contrary, the market for options 

orders and executions is already highly 

competitive and Phlx’s proposal is itself 

pro-competitive in several ways. First, 

TOPO, TOPO Plus Orders, PHLX Orders 

and PHLX Depth of Market data feed 

offer a comprehensive, competitive 

alternative to the consolidated data 

OPRA feed for users and situations 

where consolidated data is unnecessary. 

Second, Phlx believes that offering 

TOPO, TOPO Plus Orders, PHLX Orders 

and PHLX Depth of Market data feed 

will help attract new Subscribers and 

new order flow to the Phlx market, 

thereby improving execution quality 

and Phlx’s ability to compete in the 

market for options order flow and 

executions. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.12 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 shall 

institute proceedings to determine 

whether the proposed rule 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 (http://www.sec.gov/ 

rules/sro.shtml ); or 

• Send an email to rulecomments@sec.gov. Please include File 

Number SR–Phlx–2012–145 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549. 

All submissions should refer to File 

Number SR-Phlx-2012–145. 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 (http://www.sec.gov/ 

rules/sro.shtml ). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street, NE., 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of such 

filing also will be available for 

inspection and copying at the principal 

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-Phlx2012–145 and should be submitted on 

or before January 30, 2013. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2013–00255 Filed 1–8–13; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–68573; File No. SR–C2– 

2012–043] 

Self-Regulatory Organizations; C2 

Options Exchange, Incorporated; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change, as Modified by Amendment 

No. 1 Thereto, To Adopt a HAL System 

January 3, 2013. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

21, 2012, 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. 

On January 2, 2013, the Exchange 

submitted Amendment No. 1 to the 


srobinson on DSK4SPTVN1PROD with