21288 Federal Register / Vol. 80, No. 74 / Friday, April 17, 2015 / Notices 

18 15 U.S.C. 78s(b)(3)(A). 

19 17 CFR 240.19b–4(f)(6)(iii). As required under 

Rule 19b–4(f)(6)(iii), the Exchange provided the 

Commission with written notice of its intent to file 

the proposed rule change, along with a brief 

description and the text of the proposed rule 

change, at least five business days prior to the date 

of filing of the proposed rule change, or such 

shorter time as designated by the Commission. 

20 17 CFR 240.19b–4(f)(6). 

21 17 CFR 240.19b–4(f)(6)(iii). 

22See supra note 14 (noting that NYSE BQT and 

NLS Plus carry consolidated volume for all listed 

equities). 

23For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

24 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the proposed rule change 

does not (i) significantly affect the 

protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 18 and Rule 19b–4(f)(6)(iii) 

thereunder.19

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 20 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 21

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has asked 

the Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Exchange believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest 

because it would allow the Exchange to 

timely offer investors a new option for 

receiving consolidated volume 

information. The Exchange further notes 

that other exchanges currently offer 

similar data products that include 

consolidated volume.22 The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. Therefore, the 

Commission hereby waives the 

operative delay and designates the 

proposed rule change operative upon 

filing.23

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– 

EDGA–2015–17 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–EDGA–2015–17. 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–EDGA– 

2015–17, and should be submitted on or 

before May 8, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08794 Filed 4–16–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74719; File No. SR–C2– 

2015–008] 

Self-Regulatory Organizations; C2 

Options Exchange, Incorporated; 

Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change To Change the Close of 

Trading Hours on the Last Day of 

Trading in Expiring Quarterly Index 

Expirations 

April 13, 2015. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that, on April 9, 

2015 C2 Options Exchange, 

Incorporated (the ‘‘Exchange’’ or ‘‘C2’’) 

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 Exchange filed the proposal as a 

‘‘non-controversial’’ proposed rule 

change pursuant to Section 

19(b)(3)(A)(iii) of the Act 3 and Rule 

19b–4(f)(6) thereunder.4 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 C2 

Rule 6.1 (Days and Hours of Business) 

to change the close of trading hours 

from 3:15 p.m. (Chicago time) to 3:00 

p.m. (Chicago time) on the last day of 

trading in expiring Quarterly Index 

Expirations (‘‘QIXs’’). The text of the 

proposed rule change is available on the 

Exchange’s Web site (http:// 

www.c2exchange.com/Legal/), at the 

Exchange’s Office of the Secretary, and 

at the Commission’s Public Reference 

Room. 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 74 / Friday, April 17, 2015 / Notices 21289 

5CBOE Rule 24.6.01 provides, ‘‘On the last 

trading day, transactions in expiring Quarterly 

Index Expirations (QIXs) may be effected on the 

Exchange during Extended Trading Hours and 

during the Regular Trading Hours of 8:30 a.m. 

(Chicago time) to 3:00 p.m. (Chicago time). This 

Interpretation and Policy .01 applies to all 

outstanding expiring QIXs that expire at the end of 

the second calendar quarter in 2009 and thereafter.’’ 

See also Securities Exchange Act Release Nos.[sic] 

59676 (April 1, 2009), 74 FR 16018 (April 8, 2009) 

(Notice of Filing and Immediate Effectiveness of 

Proposed Rule Change to Change the Close of 

Trading Hours on the Last Day of Trading in 

Expiring Quarterly Index Expirations) (SR–CBOE– 

2009–020). 

6See Securities Exchange Act Release No. 61152 

(December 10, 2009), 74 FR 66699, 66709–10 

(December 16, 2009) (In the Matter of the 

Application of C2 Options Exchange, Incorporated 

for Registration as a National Securities Exchange 

Findings, Opinion, and Order of the Commission 

(File No. 10–191). In the Order, the Commission 

granted C2’s request for exemption, pursuant to 

Section 36 of the Securities Exchange Act of 1934 

(the ‘‘Act’’), from the rule filing requirements of 

Section 19(b) of the Act with respect to the rules 

that C2 proposed to incorporate by reference. The 

exemption was conditioned upon C2 providing 

written notice to its members whenever CBOE 

proposes to change a rule that C2 has incorporated 

by reference. In the Order, the Commission stated 

its belief that ‘‘this exemption is appropriate in the 

public interest and consistent with the protection 

of investors because it will promote more efficient 

use of Commission and SRO resources by avoiding 

duplicative rule flings based on simultaneous 

changes to identical rules sought by more than one 

SRO.’’ 

7 15 U.S.C. 78s(b)(1). 

8 15 U.S.C. 78f(b). 

9 15 U.S.C. 78f(b)(5). 

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 

This filing is based on existing 

Chicago Board Options Exchange, 

Incorporated (‘‘CBOE’’) Rule 24.6.01.5

The majority of C2’s Rules are the 

same as CBOE’s Rules and were adopted 

as part of the Securities and Exchange 

Commission’s (‘‘SEC’’ or 

‘‘Commission’’) order approving C2’s 

application for registration as a national 

securities exchange.6 CBOE Rule 24.9(c) 

permits CBOE to list QIXs, which are 

cash-settled options on certain specified 

broad-based indices that expire on the 

first business day of the month 

following the end of a calendar quarter. 

QIXs trade simultaneously with, not 

independent of, standard options on the 

same underlying index. QIXs are subject 

to the same rules that currently govern 

the trading of standard index options, 

including sales practice rules, margin 

requirements, and floor trading 

proceedings. Contract terms for QIXs are 

similar to traditional index options, 

with one general exception: the exercise 

settlement value is based on the index 

value derived from the closing prices of 

component stocks. In addition, the 

contract multiplier for QIXs may be set 

at 500 rather than the customary 100. 

Positions in QIXs are aggregated with 

option contracts on the same broadbased index and are subject to the 

applicable overall position limit. 

C2 Chapter 24 provides, in relevant 

part, ‘‘[t]he rules contained in CBOE 

Chapter XXIV, as such rules may be in 

effect from time to time, shall apply to 

C2 and are hereby incorporated into this 

Chapter.’’ Accordingly, C2 may list 

QIXs. However, C2 Chapter 24, in 

relevant part, expressly provides that 

certain Rules from CBOE Chapter XXIV 

shall not apply to C2, including CBOE 

Rule 24.6 (Days and Hours of Business). 

CBOE Rule 24.6 has a provision that 

permits the Exchange to close trading in 

expiring QIXs at 3:00 p.m. (Chicago 

time), which C2 now proposes to add as 

new Interpretation and Policy .03 to C2 

Rule 6.1. 

In support of this rule change, C2 

states that generally, QIXs are priced in 

the market based on corresponding 

futures values. On the last day of 

trading, the closing prices of the 

component stocks (which are used to 

derive the exercise settlement value) are 

known at 3 p.m. (Chicago time) (or soon 

after) when the equity markets close. 

Despite the fact that the exercise 

settlement value is fixed after 3 p.m. 

(Chicago time), trading in expiring QIXs 

continues, however, for an additional 

fifteen minutes until 3:15 p.m. (Chicago 

time) and are not priced on 

corresponding futures values, but rather 

the known cash value. At the same time, 

the prices of non-expiring QIX series 

continue to move and be priced in 

response to changes in corresponding 

futures prices. 

Because of the potential pricing 

divergence that could occur between 

3:00 and 3:15 p.m. on the final trading 

day in expiring QIXs (e.g., switch from 

pricing off of futures to cash), the 

Exchange believes that, in order to 

mitigate potential investor confusion, it 

is appropriate to stop trading expiring 

QIX contracts at 3 p.m. (Chicago time) 

on the last day of trading. C2 notes that, 

as of the date of this filing, there are no 

outstanding QIXs currently listed for 

trading on C2. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the Act 7

and the rules and regulations 

thereunder and, in particular, the 

requirements of Section 6(b) of the Act.8

Specifically, the Exchange believes the 

proposed rule change is consistent with 

the Section 6(b)(5) 9 requirements that 

the rules of an exchange be designed to 

promote just and equitable principles of 

trade, to prevent fraudulent and 

manipulative acts, to remove 

impediments to and to perfect the 

mechanism for a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest. Preventing continued 

trading in a product after the exercise 

settlement value has been fixed 

eliminates potential confusion and 

thereby protects investors and the 

public interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

This proposed rule change does not 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

In this regard and as indicated above, 

the Exchange notes that the rule change 

is based on existing CBOE Rules. 

Closing expiring QIXs listed on C2 at 

3:00 p.m. (Chicago time) on their last 

trading day will align this practice with 

the existing practice on CBOE. 

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 written 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: 

A. Significantly affect the protection 

of investors or the public interest; 

B. impose any significant burden on 

competition; and 

C. 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 


tkelley on DSK3SPTVN1PROD with NOTICES
21290 Federal Register / Vol. 80, No. 74 / Friday, April 17, 2015 / Notices 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f)(6). 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6)(iii). 

5See Securities Exchange Act Release No. 73918 

(December 23, 2014), 79 FR 78920 (December 31, 

2014) (File Nos. SR–EDGX–2014–25; SR–EDGA– 

2014–25; SR–BATS–2014–055; SR–BYX–2014–030) 

(Notice of Amendments No. 2 and Order Granting 

Accelerated Approval to Proposed Rule Changes, as 

Modified by Amendments Nos. 1 and 2, to Establish 

a New Market Data Product called the BATS One 

Feed) (‘‘BATS One Approval Order’’). 

6EDGX’s affiliated exchanges are the BATS 

Exchange, Inc. (‘‘BZX’’), the BATS Y-Exchange, Inc. 

(‘‘BYX’’), and the EDGA Exchange, Inc. (‘‘EDGA’’, 

together with EDGX, BZX, and BYX, the ‘‘BATS 

Exchanges’’). On January 31, 2014, Direct Edge 

Holdings LLC (‘‘DE Holdings’’), the former parent 

company of the Exchange and EDGA, completed its 

business combination with BATS Global Markets, 

Inc., the parent company of BATS and BYX. See 

Securities Exchange Act Release No. 71449 (January 

30, 2014), 79 FR 6961 (February 5, 2014) (SR– 

EDGX–2013–43, SR–EDGA–2013–34). Upon 

completion of the business combination, DE 

Holdings and BATS Global Markets, Inc. each 

became intermediate holding companies, held 

under a single new holding company. The new 

holding company, formerly named ‘‘BATS Global 

Markets Holdings, Inc.,’’ changed its name to 

‘‘BATS Global Markets, Inc.’’ 

Act 10 and Rule 19b–4(f)(6) 11

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 (http://www.sec.gov/

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

C2–2015–008 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–C2–2015–008. 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 (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 the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–C2– 

2015–008 and should be submitted on 

or before May 8, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08796 Filed 4–16–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74716; File No. SR–EDGX– 

2015–17] 

Self-Regulatory Organizations; EDGX 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the Content of 

the BATS One Feed Under Rule 13.8(b) 

To Include Consolidated Volume for All 

Listed Equity Securities 

April 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 April 1, 

2015, EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange has 

designated this proposal as a ‘‘noncontroversial’’ proposed rule change 

pursuant to Section 19(b)(3)(A) of the 

Act 3 and Rule 19b–4(f)(6)(iii) 

thereunder,4 which renders it effective 

upon filing with the Commission. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of the Substance 

of the Proposed Rule Change 

The Exchange amend [sic] the content 

of the BATS One Feed under Rule 

13.8(b) to include consolidated volume 

for all listed equity securities. The text 

of the proposed rule change is available 

at the Exchange’s Web site at 

www.batstrading.com, at the principal 

office of the Exchange, 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 parts 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 the 

content of the BATS One Feed under 

Rule 13.8(b) to include consolidated 

volume for all listed equity securities. 

The Commission recently approved a 

proposed rule change by the Exchange 

to establish a new market data product 

called the BATS One Feed.5 The BATS 

One Feed is a data feed that 

disseminates, on a real-time basis, the 

aggregate best bid and offer (‘‘BBO’’) of 

all displayed orders for securities traded 

on EDGX and its affiliated exchanges 6

and for which the BATS Exchanges 

reports quotes under the Consolidated 


tkelley on DSK3SPTVN1PROD with NOTICES