16046 Federal Register / Vol. 80, No. 58 / Thursday, March 26, 2015 / Notices 

11 15 U.S.C. 78s(b)(3)(A)(ii). 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 74200 

(February 4, 2015), 80 FR 7515 (‘‘Notice’’). 

4 Id. at 7516. 

5 Id. 

6 Id. 

7 Id. 

8See Notice, supra note 3, at 7516. In the notice, 

the Exchange provided examples of how this 

occurs. Id. at 7516–7. 

9 In approving this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

encourages market participants to 

provide liquidity and to send order flow 

to the Exchange. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor 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.11 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 rule-comments@

sec.gov. Please include File Number SR– 

MIAX–2015–20 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–MIAX–2015–20. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. 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 

offices of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–MIAX– 

2015–20, and should be submitted on or 

before April 16, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–06889 Filed 3–25–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74551; File No. SR–CBOE– 

2015–010] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Order Approving a 

Proposed Rule Change To Amend 

Rules 6.41 and 24.8 

March 20, 2015. 

On January 22, 2015, the Chicago 

Board Options Exchange, Incorporated 

(the ‘‘Exchange’’ or ‘‘CBOE’’) filed with 

the Securities and Exchange 

Commission (the ‘‘Commission’’), 

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

Securities Exchange Act of 1934 

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

proposed rules to describe the process 

of establishing final leg execution prices 

when a broker receives from a customer 

a complex order for open-outcry 

handling at a total cash price for the 

order. The proposal was published for 

comment in the Federal Register on 

February 10, 2015.3 The Commission 

received no comments regarding the 

proposal. This order approves the 

proposed rule change. 

Currently Exchange Rules 6.41 (with 

respect to equities) and 24.8 (with 

respect to indexes), provide that bids 

and offers must be expressed in terms of 

dollars per unit of the underlying 

security or index, as applicable. 

However, the Exchange explains that 

sometimes a customer will request an 

execution in a complex order at a total 

cash price for the order (rather than at 

a price per contract for each leg) and the 

total number of contracts of each leg.4 In 

this situation, a broker may represent 

the order to the trading crowd at the 

total order price, and Trading Permit 

Holders may respond to trade with the 

order at that total order price.5 The 

Exchange notes that in some instances, 

due to the complexity of the order and 

the price and number of contracts 

involved, the complex order may not 

break down into a per-unit price for 

each leg based on the existing market for 

the leg that corresponds to the total 

order price.6

Accordingly, the Exchange proposes 

to adopt Interpretation and Policy .01 to 

each of Exchange Rules 6.41 and 24.8. 

The Interpretations will impose 

requirements requiring how brokers 

must determine final leg execution 

prices when a broker receives from a 

customer a complex order for openoutcry handling at a total cash price, 

and the complex order does not break 

down into a per-unit price for each leg 

based on the existing market for the leg 

that corresponds to the total price.7

Specifically, the Interpretations will 

provide that when the complex order 

does not break down into a per-unit 

price for each leg, the broker must 

resolve any difference in a manner that 

provides price improvement to the 

customer (i.e. the broker must determine 

leg prices that correspond to a total 

purchase (sale) price that is less (greater) 

than the total order price).8

After careful review, the Commission 

finds that the proposed rule change is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to a national 

securities exchange.9 In particular, the 

Commission finds that the proposed 

rule change is consistent with Section 

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Federal Register / Vol. 80, No. 58 / Thursday, March 26, 2015 / Notices 16047 

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

11See Notice, supra note 3, at 7517. 

12 Id. 

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 73141 

(Sept. 18, 2014), 79 FR 57161 (‘‘Notice’’). 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 73515, 

79 FR 66758 (Nov. 10, 2014). The Commission 

designated a longer period within which to take 

action on the proposed rule change and designated 

December 23, 2014 as the date by which it should 

approve, disapprove, or institute proceedings to 

determine whether to disapprove the proposed rule 

change. 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 73914, 

79 FR 78524 (Dec. 30, 2014) (‘‘Order Instituting 

Proceedings’’). Specifically, the Commission 

instituted proceedings to allow for additional 

analysis of the proposed rule change’s consistency 

with Section 6(b)(5) of the Act, which requires, 

among other things, that the rules of a national 

securities exchange be ‘‘designed to prevent 

fraudulent and manipulative acts and practices, to 

promote just and equitable principles of trade,’’ and 

‘‘to protect investors and the public interest.’’ See 

id., 79 FR at 78530. 

8See id. (specifically soliciting comment on the 

statements of the Exchange contained in the Notice, 

including the statements made in connection with 

information sharing procedures with respect to 

certain non-U.S. equity security holdings and the 

Exchange’s arguments regarding the applicability of 

the definition of ‘‘Actively-Traded Securities’’ 

under Regulation M (‘‘Reg M’’)). 

9See Letter from Martha Redding, Senior Counsel 

and Assistant Secretary, New York Stock Exchange, 

to Kevin M. O’Neill, Deputy Secretary, Commission 

(dated Jan. 22, 2015). Amendment No. 1 replaces 

and supersedes SR–NYSEArca–2014–100 in its 

entirety as originally filed. In Amendment No. 1, 

the Exchange: (a) Deletes the statement in the 

original filing that the exchange-listed and traded 

equity securities in which the Fund’s portfolio 

would be permitted to invest would be limited to: 

(1) Equity securities that trade in markets that are 

members of the Intermarket Surveillance Group 

(‘‘ISG’’) or are parties to a comprehensive 

surveillance sharing agreement (‘‘CSSA’’) with the 

Exchange, or (2) ‘‘Actively-Traded Securities’’ as 

defined in Reg M under the Act that are traded on 

U.S. and non-U.S. exchanges with last sale 

reporting; (b) represents that the Fund’s non-U.S. 

equity securities holdings will be subject 

quantitative criteria that are substantially identical 

to the ‘‘generic’’ listing criteria in NYSE Arca 

Equities Rule 5.2(j)(3), Commentary .01(a)(B), 

relating to an index or portfolio of U.S. and nonU.S. stocks underlying a series of Investment 

Company Units; and (c) deletes discussion relating 

to information sharing procedures in the absence of 

CSSAs with, or ISG membership of, markets on 

which ‘‘Actively-Traded Securities’’ are listed or 

traded. 

10 15 U.S.C. 78s(b)(2). 

11See supra note 3 and accompanying text. 

12 15 U.S.C. 78s(b)(2). 

13 17 CFR 200.30–3(a)(57). 

6(b)(5) of the Act,10 which requires, 

among other things, that the rules of a 

national securities exchange be 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, 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. The 

Commission notes that the proposed 

rule change maintains the current 

allocation and priority rules for open 

outcry trading, including the complex 

order priority exception, and that any 

orders represented to the crowd at a 

customer’s total order price will execute 

in accordance with the Exchange’s 

current allocation and priority rules.11

Further, the Commission notes that 

orders represented to the crowd at a 

customer’s order price will be executed 

at the applicable increment for the class 

(or the complex order minimum 

increment if eligible) and in accordance 

with all other pricing rules.12

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–06886 Filed 3–25–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74559; File No. SR– 

NYSEArca–2014–100] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Designation of a 

Longer Period for Commission Action 

on Proceedings To Determine Whether 

To Approve or Disapprove a Proposed 

Rule Change, as Modified by 

Amendment No. 1 Thereto, Relating To 

Listing and Trading of Shares of the 

SPDR SSgA Global Managed Volatility 

ETF Under NYSE Arca Equities Rule 

8.600 

March 20, 2015. 

On September 5, 2014, NYSE Arca, 

Inc. (‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

list and trade shares of the SPDR SSgA 

Global Managed Volatility ETF 

(‘‘Fund’’) under NYSE Arca Equities 

Rule 8.600. The proposed rule change 

was published for comment in the 

Federal Register on September 24, 

2014.3 On November 4, 2014, pursuant 

to Section 19(b)(2) of the Act,4 the 

Commission designated a longer period 

within which to approve the proposed 

rule change, disapprove the proposed 

rule change, or institute proceedings to 

determine whether to disapprove the 

proposed rule change.5 On December 

22, 2014, the Commission instituted 

proceedings under Section 19(b)(2)(B) of 

the Act 6 to determine whether to 

approve or disapprove the proposed 

rule change.7 In the Order Instituting 

Proceedings, the Commission solicited 

responses to specified matters related to 

the proposal.8 The Commission received 

no comment letters on the proposed rule 

change. The Exchange subsequently 

filed Amendment No. 1 to the proposed 

rule change.9

Section 19(b)(2) of the Act 10 provides 

that, after initiating disapproval 

proceedings, the Commission shall issue 

an order approving or disapproving the 

proposed rule change not later than 180 

days after the date of publication of 

notice of the filing of the proposed rule 

change. The Commission may, however, 

extend the period for issuing an order 

approving or disapproving the proposed 

rule change by not more than 60 days 

if the Commission determines that a 

longer period is appropriate and 

publishes the reasons for such 

determination. The proposed rule 

change was published for notice and 

comment in the Federal Register on 

September 24, 2014.11 The 180th day 

after publication of the notice of the 

filing of the proposed rule change in the 

Federal Register is March 23, 2015. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to issue an order 

approving or disapproving the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change, as 

modified by Amendment No. 1 thereto. 

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the 

Act,12 designates May 7, 2015, as the 

date by which the Commission shall 

either approve or disapprove the 

proposed rule change, as modified by 

Amendment No. 1 thereto (File No. SR– 

NYSEArca–2014–100). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–06892 Filed 3–25–15; 8:45 am] 

BILLING CODE 8011–01–P 

mstockstill on DSK4VPTVN1PROD with NOTICES