62502 Federal Register / Vol. 79, No. 201 / Friday, October 17, 2014 / Notices 

14 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. 68888 

(February 8, 2013), 78 FR 10668 (February 14, 2013) 

(SR–CBOE–2012–120) (the ‘‘SPXPM Pilot Program 

Approval Order’’). 

4See Securities Exchange Act Release No. 70087 

(July 31, 2013), 78 FR 47809 (August 6, 2013) (SR– 

CBOE–2013–055) (the ‘‘P.M.-settled XSP Approval 

Order’’). 

5For more information on SPXPM, P.M.-settled 

XSP or the Pilot Program, see the SPXPM Approval 

Order and the P.M.-settled XSP Approval Order. 

6See Securities Exchange Act Release No. 71424 

(January 28, 2014), 79 FR 6249 (February 3, 2014) 

(SR–CBOE–2014–004). 

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– 

FINRA–2014–042 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. 

All submissions should refer to File 

Number SR–FINRA–2014–042. 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 

a.m. and 3 p.m. Copies of such filing 

also will be available for inspection and 

copying at the principal office of 

FINRA. 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–FINRA–2014–042 and 

should be submitted on or before 

November 7, 2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–24682 Filed 10–16–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73338; File No. SR–CBOE– 

2014–076] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Extend a Pilot 

Program 

October 10, 2014. 

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 October 

3, 2014, Chicago Board Options 

Exchange, Incorporated (the ‘‘Exchange’’ 

or ‘‘CBOE’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to extend a 

pilot program. The text of the proposed 

rule change is available on the 

Exchange’s Web site (http://

www.cboe.com/AboutCBOE/

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

and at the Commission’s Public 

Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

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

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

On February 8, 2013, the Exchange 

received approval of a rule change that 

established a Pilot Program that allows 

the Exchange to list options on the S&P 

500 Index whose exercise settlement 

value is derived from closing prices on 

the last trading day prior to expiration 

(‘‘SPXPM’’).3 On July 31, 2013, the 

Exchange received approval of a rule 

change that amended the Pilot Program 

to allow the Exchange to list options on 

the Mini-SPX Index (‘‘XSP’’) whose 

exercise settlement value is derived 

from closing prices on the last trading 

day prior to expiration (‘‘P.M.-settled’’) 4

(together, SPXPM and P.M.-settled XSP 

to be referred to herein as the ‘‘Pilot 

Products’’).5 In January 2014, the 

Exchange filed a proposed rule change 

that extended the pilot period from 

February 8, 2014 to November 3, 2014.6

The Exchange hereby proposes to 

extend the duration of this pilot period 

to end on May 3, 2016. 

During the course of the Pilot Program 

and in support of the extension of the 

Pilot Program, the Exchange has 

submitted to the Commission reports 

regarding the Pilot Program which detail 

the Exchange’s experience with the Pilot 

Program, pursuant to the SPXPM 

Approval Order and the P.M.-settled 

XSP Approval Order. Specifically, the 

Exchange has submitted a Pilot Program 

report to the Commission (the ‘‘annual 

report’’). The annual report has 

contained an analysis of volume, open 

interest, and trading patterns. The 

analysis examines trading in Pilot 

Products as well as trading in the 

securities that comprise the underlying 

index. In addition, for series that exceed 

certain minimum open interest 

parameters, the annual report provides 

analysis of index price volatility and 

share trading activity. In addition to the 

annual report, the Exchange provides 

the Commission with periodic interim 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 79, No. 201 / Friday, October 17, 2014 / Notices 62503 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(5). 

9 Id. 

reports while the Pilot Program is in 

effect that contains some, but not all, of 

the information contained in the annual 

report. The annual report is provided to 

the Commission on a confidential basis. 

The annual report contains the 

following volume and open interest 

data: 

(1) Monthly volume aggregated for all 

trades; 

(2) monthly volume aggregated by 

expiration date; 

(3) monthly volume for each 

individual series; 

(4) month-end open interest 

aggregated for all series; 

(5) month-end open interest for all 

series aggregated by expiration date; and 

(6) month-end open interest for each 

individual series. 

In addition to the annual report, the 

Exchange provides the Commission 

with interim reports of the information 

listed in Items (1) through (6) above 

periodically as required by the 

Commission while the Pilot Program is 

in effect. These interim reports are also 

provided on a confidential basis. The 

annual report also contains the 

information noted in Items (1) through 

(6) above for Expiration Friday, A.M.- 

settled S&P 500 index options traded on 

CBOE. 

In addition, the annual report 

contains the following analysis of 

trading patterns in the Pilot Products 

options series in the Pilot Program: 

(1) A time series analysis of open 

interest; and 

(2) an analysis of the distribution of 

trade sizes. 

Also, for series that exceed certain 

minimum parameters, the annual report 

contains the following analysis related 

to index price changes and underlying 

share trading volume at the close on 

Expiration Fridays: 

(1) A comparison of index price 

changes at the close of trading on a 

given Expiration Friday with 

comparable price changes from a control 

sample. The data includes a calculation 

of percentage price changes for various 

time intervals and compare that 

information to the respective control 

sample. Raw percentage price change 

data as well as percentage price change 

data normalized for prevailing market 

volatility, as measured by the CBOE 

Volatility Index (VIX), is provided; and 

(2) a calculation of share volume for 

a sample set of the component securities 

representing an upper limit on share 

trading that could be attributable to 

expiring in-the-money series. The data 

includes a comparison of the calculated 

share volume for securities in the 

sample set to the average daily trading 

volumes of those securities over a 

sample period. 

The minimum open interest 

parameters, control sample, time 

intervals, method for randomly selecting 

the component securities, and sample 

periods are determined by the Exchange 

and the Commission. In proposing to 

extend the Pilot Program, the Exchange 

will continue to abide by the reporting 

requirements described herein, as well 

as in the SPXPM Approval Order and 

the P.M.-settled XSP Approval Order. 

The Exchange proposes the extension 

of the Pilot Program in order to continue 

to give the Securities and Exchange 

Commission (the ‘‘Commission’’) more 

time to consider the impact of the Pilot 

Program. To this point, CBOE believes 

that the Pilot Program has been wellreceived by its Trading Permit Holders 

(‘‘TPHs’’) and the investing public and 

the Exchange would like to continue to 

provide investors with the ability to 

trade SPXPM and P.M.-settled XSP. All 

terms regarding the trading of the Pilot 

Products shall continue to operate as 

described in the SPXPM Approval 

Order and the P.M.-settled XSP 

Approval Order. The Exchange merely 

proposes herein to extend the term of 

the Pilot Program to May 3, 2016. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the Act 

and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.7 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 8 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

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

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, the Exchange believes 

that the proposed extension of the Pilot 

Program will continue to provide greater 

opportunities for investors. Further, the 

Exchange believes that it has not 

experienced any adverse effects or 

meaningful regulatory concerns from 

the operation of the Pilot Program. As 

such, the Exchange believes that the 

extension of the Pilot Program does not 

raise any unique or prohibitive 

regulatory concerns. Also, the Exchange 

believes that such trading has not, and 

will not, adversely impact fair and 

orderly markets on Expiration Fridays 

for the underlying stocks comprising the 

S&P 500 index. The extension of the 

Pilot Program will continue to provide 

investors with the opportunity to trade 

the desirable products of SPXPM and 

P.M.-settled XSP, while also providing 

the Commission further opportunity to 

observe such trading of the Pilot 

Products. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CBOE 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 the 

continuation of the Pilot Program will 

impose any unnecessary or 

inappropriate burden on intramarket 

competition because it will continue 

apply equally to all CBOE market 

participants and the Pilot Products will 

be available to all CBOE market 

participants. The Exchange believes 

there is sufficient investor interest and 

demand in the Pilot Program to warrant 

its extension. The Exchange believes 

that, for the period that the Pilot 

Program has been in operation, it has 

provided investors with desirable 

products with which to trade. 

Furthermore, the Exchange believes that 

it has not experienced any adverse 

market effects or regulatory concerns 

with respect to the Pilot Program. The 

Exchange further does not believe that 

the proposed extension of the Pilot 

Program will impose any burden on 

intermarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act because it 

only applies to trading on CBOE. To the 

extent that the continued trading of the 

Pilot Products may make CBOE a more 

attractive marketplace to market 

participants at other exchanges, such 

market participants may elect to become 

CBOE market participants. 

mstockstill on DSK4VPTVN1PROD with NOTICES

62504 Federal Register / Vol. 79, No. 201 / Friday, October 17, 2014 / Notices 

10 15 U.S.C. 78s(b)(3)(A). 11 17 CFR 240.19b–4(f)(6)(iii). Rule 19b–4(f)(6)(iii) 

states the Exchange must provide 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 days 

business days prior to the date of filing of the 

proposed rule change, or such shorter time as 

designated by the Commission. The Exchange has 

satisfied this requirement. 12 17 CFR 200.30–3(a)(12). 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not (i) significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 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– 

CBOE–2014–076 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–CBOE–2014–076. 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–CBOE– 

2014–076 and should be submitted on 

or before November 7, 2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–24680 Filed 10–16–14; 8:45 am] 

BILLING CODE 8011–01–P 

SUSQUEHANNA RIVER BASIN 

COMMISSION 

Projects Approved for Consumptive 

Uses of Water 

AGENCY: Susquehanna River Basin 

Commission. 

ACTION: Notice. 

SUMMARY: This notice lists the projects 

approved by rule by the Susquehanna 

River Basin Commission during the 

period set forth in DATES. 

DATES: June 1–July 31, 2014. 

ADDRESSES: Susquehanna River Basin 

Commission, 4423 North Front Street, 

Harrisburg, PA 17110–1788. 

FOR FURTHER INFORMATION CONTACT: 

Jason E. Oyler, Regulatory Counsel, 

telephone: (717) 238–0423, ext. 1312; 

fax: (717) 238–2436; email: joyler@

srbc.net. Regular mail inquiries may be 

sent to the above address. 

SUPPLEMENTARY INFORMATION: This 

notice lists the projects, described 

below, receiving approval for the 

consumptive use of water pursuant to 

the Commission’s approval by rule 

process set forth in 18 CFR 806.22(e) 

and (f) for the time period specified 

above: 

Approvals By Rule Issued Under 18 

CFR 806.22(e): 

1. Mayapple Real Estate Holdings, 

Mayapple Golf Links, ABR– 

201406001, South Middletown 

Township, Cumberland County, 

Pa.; Consumptive Use of Up to 

0.200 mgd; Approval Date: July 3, 

2014. 

Approvals By Rule Issued Under 18 

CFR 806.22(f): 

1. Southwestern Energy Production 

Company, Pad ID: NR–03– 

COLWELL WEST–PAD, ABR– 

201406002, New Milford Township, 

Susquehanna County, Pa.; 

Consumptive Use of Up to 4.999 

mgd; Approval Date: June 4, 2014. 

2. Southwestern Energy Production 

Company, Pad ID: NR–17– 

COLEMAN–PAD, ABR–201406003, 

Great Bend and Oakland 

Townships, Susquehanna County, 

Pa.; Consumptive Use of Up to 

4.999 mgd; Approval Date: June 4, 

2014. 

3. Chief Oil & Gas LLC, Pad ID: 

Baumunk North B Drilling Pad, 

ABR–201406004, Fox Township, 

Sullivan County, Pa.; Consumptive 

Use of Up to 2.500 mgd; Approval 

Date: June 4, 2014. 

4. Chief Oil & Gas LLC, Pad ID: Wissler 

Drilling Pad, ABR–201406005, 

McNett Township, Lycoming 

County, Pa.; Consumptive Use of 

Up to 2.500 mgd; Approval Date: 

June 4, 2014. 

5. Chief Oil & Gas LLC, Pad ID: Clear 

Springs Dairy Drilling Pad #1, 

ABR–200091214.R1, Burlington 

Township, Bradford County, Pa.; 

Consumptive Use of Up to 5.000 

mgd; Approval Date: June 4, 2014. 

6. Range Resources—Appalachia, LLC, 

Pad ID: Gulf USA 67H, ABR– 

201406006, Snow Shoe Township, 

Centre County, Pa.; Consumptive 

Use of Up to 5.000 mgd; Approval 

Date: June 6, 2014. 

7. Southwestern Energy Production 

Company, Pad ID: Chamberlin, 

ABR–201008088.R1, Stevens 

Township, Bradford County, Pa.; 

Consumptive Use of Up to 4.990 

mgd; Approval Date: June 9, 2014. 

mstockstill on DSK4VPTVN1PROD with NOTICES