1976 Federal Register / Vol. 80, No. 9 / Wednesday, January 14, 2015 / Notices 

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

2 17 CFR 240.19b–4. 

now or hereafter in effect. The facility 

consists of a boiling-water reactor 

located in Windham County, Vermont. 

By letter dated September 23, 2013 

(ADAMS Accession No. ML13273A204), 

Entergy submitted Notification of 

Permanent Cessation of Power 

Operations for VY. In this letter, Entergy 

provided notification to the NRC of its 

intent to permanently cease power 

operation at the end of the current 

operating cycle, which is expected to 

occur in the fourth calendar quarter of 

2014. In addition, Entergy indicated 

their intent to supplement the letter 

certifying the date on which operations 

have ceased, or will cease, in 

accordance with § 50.82(a)(1)(i) of Title 

10 of the Code of Federal Regulations 

(10 CFR) and 10 CFR 50.4(b)(8). 

On December 19, 2014, Entergy 

submitted the PSDAR and DCE for VY 

in accordance with § 50.82(a)(4)(i) 

(ADAMS Accession No. ML14357A110). 

The PSDAR includes a description of 

the planned decommissioning activities, 

a proposed schedule for their 

accomplishment, the site-specific DCE 

(submitted concurrently), and a 

discussion that provides the basis for 

concluding that the environmental 

impacts associated with the site-specific 

decommissioning activities will be 

bounded by appropriate, previously 

issued generic and plant-specific 

environmental impact statements. 

III. Request for Comment and Public 

Meeting 

The NRC is requesting public 

comments on the PSDAR and DCE for 

VY. The NRC will conduct a public 

meeting to discuss the PSDAR and DCE 

and receive comments on Wednesday, 

February 19, 2015, from 6 p.m. until 9 

p.m., Eastern Standard Time, at the 

Quality Inn, 1380 Putney Road, 

Brattleboro, VT 05301. For additional 

information regarding the meeting, see 

the NRC’s Public Meeting Schedule Web 

site at http://meetings.nrc.gov/pmns/

mtg. The agenda will be posted no later 

than 10 days prior to the meeting. 

Dated at Rockville, Maryland, this 6th day 

of January, 2015. 

For the Nuclear Regulatory Commission. 

Douglas A. Broaddus, 

Chief, Plant Licensing IV–2 and 

Decommissioning Transition Branch, 

Division of Operator Reactor Licensing, Office 

of Nuclear Reactor Regulation. 

[FR Doc. 2015–00450 Filed 1–13–15; 8:45 am] 

BILLING CODE 7590–01–P 

OFFICE OF PERSONNEL 

MANAGEMENT 

Submission for Review: Request for 

Change to Unreduced Annuity, RI 20– 

120, 3206–0245 

AGENCY: Office of Personnel 

Management. 

ACTION: 30-Day notice and request for 

comments. 

SUMMARY: The Retirement Services, 

Office of Personnel Management (OPM) 

offers the general public and other 

Federal agencies the opportunity to 

comment on an extension, without 

change, of a currently approved 

information collection (ICR) 3206–0245, 

Request for Change to Unreduced 

Annuity. As required by the Paperwork 

Reduction Act of 1995, (Pub. L. 104–13, 

44 U.S.C. chapter 35) as amended by the 

Clinger-Cohen Act (Pub. L. 104–106), 

OPM is soliciting comments for this 

collection. The information collection 

was previously published in the Federal 

Register on July 16, 2014 at 79 FR 

41601, allowing for a 60-day public 

comment period. No comments were 

received for this information collection. 

The purpose of this notice is to allow an 

additional 30 days for public comments. 

DATES: Comments are encouraged and 

will be accepted until February 13, 

2015. This process is conducted in 

accordance with 5 CFR 1320.1. 

ADDRESSES: Interested persons are 

invited to submit written comments on 

the proposed information collection to 

the Office of Information and Regulatory 

Affairs, Office of Management and 

Budget, 725 17th Street NW., 

Washington, DC 20503, Attention: Desk 

Officer for the Office of Personnel 

Management or sent via electronic mail 

to oira_submission@omb.eop.gov or 

faxed to (202) 395–6974. 

FOR FURTHER INFORMATION CONTACT: A 

copy of this ICR, with applicable 

supporting documentation, may be 

obtained by contacting the Office of 

Information and Regulatory Affairs, 

Office of Management and Budget, 725 

17th Street NW., Washington, DC 20503, 

Attention: Desk Officer for the Office of 

Personnel Management or sent via 

electronic mail to oira_submission@

omb.eop.gov or faxed to (202) 395–6974. 

SUPPLEMENTARY INFORMATION: The Office 

of Management and Budget is 

particularly interested in comments 

that: 

1. Evaluate whether the proposed 

collection of information is necessary 

for the proper performance of the 

functions of the agency, including 

whether the information will have 

practical utility; 

2. Evaluate the accuracy of the 

agency’s estimate of the burden of the 

proposed collection of information, 

including the validity of the 

methodology and assumptions used; 

3. Enhance the quality, utility, and 

clarity of the information to be 

collected; and 

4. Minimize the burden of the 

collection of information on those who 

are to respond, including through the 

use of appropriate automated, 

electronic, mechanical, or other 

technological collection techniques or 

other forms of information technology, 

e.g., permitting electronic submissions 

of responses. 

RI 20–120 is designed to collect 

information the Office of Personnel 

Management needs to comply with the 

wishes of the retired Federal employee 

whose marriage has ended. This form 

provides an organized way for the 

retiree to give us everything at one time. 

Analysis 

Agency: Retirement Operations, 

Retirement Services, Office of Personnel 

Management. 

Title: Request for Change to 

Unreduced Annuity. 

OMB Number: 3206–0245. 

Frequency: On occasion. 

Affected Public: Individuals or 

households. 

Number of Respondents: 5,000. 

Estimated Time per Respondent: 30 

minutes. 

Total Burden Hours: 2,500. 

U.S. Office of Personnel Management. 

Katherine Archuleta, 

Director. 

[FR Doc. 2015–00416 Filed 1–13–15; 8:45 am] 

BILLING CODE 6325–38–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74016; File No. SR–BOX– 

2015–01] 

Self-Regulatory Organizations; BOX 

Options Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend IM– 

5050–6 to BOX Rule 5050 (Short Term 

Option Series Program) 

January 8, 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 January 7, 

2015, BOX Options Exchange LLC (the 

‘‘Exchange’’) filed with the Securities 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 80, No. 9 / Wednesday, January 14, 2015 / Notices 1977 

3See Securities Exchange Act Release No. 73633 

(November 18, 2014), 79 FR 69974 (November 24, 

2014) (Notice of Filing SR–ISE–2014–52). 

4See IM–5050–6(b)(1) to Rule 5050. 5See IM–5050–6(a) to Rule 5050. 6See IM–5050–6(b)(5) to Rule 5050. 7 Id. 

8See IM–5050–3 to Rule 5050. 

9 Id. The term ‘‘primary market’’ is defined in 

Rule 100(a)(49) as the principal market in which an 

underlying security is traded. 

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

11 15 U.S.C. 78f(b)(5). 

12See IM–5050–6(b)(5) to Rule 5050. 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend IM– 

5050–6 to BOX Rule 5050 (Short Term 

Option Series Program) to extend 

current $0.50 strike price intervals in 

non-index options to short term options 

with strike prices less than $100. The 

text of the proposed rule change is 

available from the principal office of the 

Exchange, at the Commission’s Public 

Reference Room and also on the 

Exchange’s Internet Web site at http://

boxexchange.com. 

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 

self-regulatory organization 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 self-regulatory organization 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 IM– 

5050–6 to BOX Rule 5050 to extend 

current $0.50 strike price intervals in 

non-index options to short term options 

with strike prices less than $100. This 

is a competitive filing that is based on 

a proposal recently submitted by the 

International Securities Exchange, LLC 

(‘‘ISE’’).3

The Exchange proposes to amend its 

rules governing the Short Term Option 

Series Program to introduce finer strike 

price intervals for certain short term 

options. In particular, the Exchange 

proposes to amend IM–5050–6 to extend 

$0.50 strike price intervals in non-index 

options to short term options with strike 

prices less than $100 instead of the 

current $75. This proposed change is 

intended to eliminate gapped strikes 

between $75 and $100 that result from 

conflicting strike price parameters 

under the Short Term Option Series and 

$2.50 Strike Price Programs as described 

in more detail below. 

Under the Exchange’s rules, the 

Exchange may list short term options in 

up to fifty option classes in addition to 

option classes that are selected by other 

securities exchanges that employ a 

similar program under their respective 

rules.4 On any Thursday or Friday that 

is a business day, the Exchange may list 

short term option series in designated 

option classes that expire at the close of 

business on each of the next five Fridays 

that are business days and are not 

Fridays in which monthly or quarterly 

options expire.5 These short term option 

series trade in $0.50, $1, or $2.50 strike 

price intervals depending on the strike 

price and whether the option trades in 

dollar increments in the related monthly 

expiration.6 Specifically, short term 

options in non-index option classes 

admitted to the Short Term Options 

Series Program currently trade in: (1) 

$0.50 or greater intervals for strike 

prices less than $75, or for option 

classes that trade in one dollar 

increments in the related monthly 

expiration option; (2) $1 or greater 

intervals for strike prices that are 

between $75 and $150; and (3) $2.50 or 

greater intervals for strike prices above 

$150.7

The Exchange also operates a $2.50 

Strike Price Program that permits the 

Exchange to select up to sixty options 

classes on individual stocks to trade in 

$2.50 strike price intervals, in addition 

to option classes selected by other 

securities exchanges that employ a 

similar program under their respective 

rules.8 Monthly expiration options in 

classes admitted to the $2.50 Strike 

Price Program trade in $2.50 intervals 

where the strike price is (1) greater than 

$25 but less than $50; or (2) between 

$50 and $100 if the strikes are no more 

than $10 from the closing price of the 

underlying stock in its primary market 

on the preceding day.9 These strike 

price parameters conflict with strike 

prices allowed for short term options as 

dollar strikes between $75 and $100 

otherwise allowed under the Short Term 

Option Series Program may be within 

$0.50 of strikes listed pursuant to the 

$2.50 Strike Price Program. In order to 

remedy this conflict, the Exchange 

proposes to extend the $0.50 or greater 

strike price intervals currently allowed 

for short term options with strike prices 

less than $75 to short term options with 

strike prices less than $100. With this 

proposed change, short term options in 

non-index option classes will trade in: 

(1) $0.50 or greater intervals for strike 

prices less than $100, or for option 

classes that trade in one dollar 

increments in the related monthly 

expiration option; (2) $1 intervals for 

strike prices that are between $100 and 

$150; and (3) $2.50 or greater intervals 

for strike prices above $150. 

2. Statutory Basis 

The Exchange believes that the 

proposal is consistent with the 

requirements of Section 6(b) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),10 in general, and Section 6(b)(5) 

of the Act,11 in particular, in that it is 

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 

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. 

During the month prior to expiration, 

the Exchange is permitted to list related 

monthly option contracts in the 

narrower strike price intervals available 

for short term option series.12 After 

transitioning to short term strike price 

intervals, however, monthly options 

that trade in $2.50 intervals between 

$50 and $100 under the $2.50 Strike 

Price Program, trade with dollar strikes 

between $75 and $150. Due to the 

overlap of $1 and $2.50 intervals, the 

Exchange cannot list certain dollar 

strikes between $75 and $100 that 

conflict with the prior $2.50 strikes. For 

example, if the Exchange initially listed 

monthly options on ABC with $75, 

$77.50, and $80 strikes, the Exchange 

could list the $76 and $79 strikes when 

these transition to short term intervals. 

The Exchange would not be permitted 

to list the $77 and $78 strikes, however, 

as these are $0.50 away from the $77.50 

strike already listed on the Exchange. 

This creates gapped strikes between $75 

and $100, where investors are not able 

to trade otherwise allowable dollar 

strikes on the Exchange. Similarly, these 

conflicting strike price parameters 

mstockstill on DSK4VPTVN1PROD with NOTICES

1978 Federal Register / Vol. 80, No. 9 / Wednesday, January 14, 2015 / Notices 

13See supra, note 3. 

14 15 U.S.C. 78s(b)(3)(A). 

15 17 CFR 240.19b–4(f)(6). 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. 

16For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

create issues for investors who want to 

roll their positions from monthly to 

weekly expirations. In the example 

above, for instance, an investor that 

purchased a monthly ABC option with 

a $77.50 strike price would not be able 

to roll that position into a later short 

term expiration with the same strike 

price as that strike is unavailable under 

current Short Term Option Series 

Program rules. Permitting $0.50 

intervals for short term options up to 

$100 would remedy both of these issues 

as strikes allowed under the $2.50 Strike 

Price Program would not conflict with 

the finer $0.50 strike price interval. 

The Short Term Option Series 

Program has been well-received by 

market participants and the Exchange 

believes that introducing finer strike 

price intervals for short term options 

with strike prices between $75 and 

$100, and thereby eliminating the 

gapped strikes described above, will 

benefit these market participants by 

giving them more flexibility to closely 

tailor their investment and hedging 

decisions. 

With regard to the impact of this 

proposal on system capacity, the 

Exchange has analyzed its capacity and 

represents that it and the Options Price 

Reporting Authority (‘‘OPRA’’) have the 

necessary systems capacity to handle 

any potential additional traffic 

associated with this proposed rule 

change. The Exchange believes that its 

members will not have a capacity issue 

as a result of this proposal. The 

Exchange also represents that it does not 

believe this expansion will cause 

fragmentation of liquidity. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition 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 being 

proposed as a competitive response to a 

filing submitted by ISE.13 To the 

contrary, the Exchange believes that the 

proposed rule change will result in 

additional investment options and 

opportunities to achieve the investment 

objectives of market participants seeking 

efficient trading and hedging vehicles, 

to the benefit of investors, market 

participants, and the marketplace in 

general. Additionally, the Exchange 

believes that the proposed rule change 

is necessary to permit fair competition 

among the options exchanges with 

respect to Short Term Option Series 

Programs. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has 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 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, the 

proposed rule change has become 

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

of the Act 14 and Rule 19b–4(f)(6) 

thereunder.15

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 stated that waiver 

of this requirement will ensure fair 

competition among exchanges by 

allowing the Exchange to extend the 

$0.50 strike price intervals currently 

allowed for short term options with 

strike prices less than $75 to short term 

options with strike prices less than $100 

contemporaneously with ISE. For this 

reason, the Commission believes that 

the proposed rule change presents no 

novel issues and that waiver of the 30- 

day operative delay is consistent with 

the protection of investors and the 

public interest; and will allow the 

Exchange to remain competitive with 

other exchanges. Therefore, the 

Commission designates the proposed 

rule change to be operative upon 

filing.16

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– 

BOX–2015–01 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–BOX–2015–01. 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–BOX– 

2015–01 and should be submitted on or 

before February 4, 2015. 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 80, No. 9 / Wednesday, January 14, 2015 / Notices 1979 

17 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The Exchange adopted Rule 967NY in 2013. See 

Exchange Rule 967NY; see also Securities Exchange 

Act Release No. 70037 (July 25, 2013), 78 FR 46399 

(July 31, 2013) (NYSEMKT–2013–62). 

5Pursuant to Rule 967NY(b), unless determined 

otherwise by the Exchange and announced to ATP 

Holders via Trader Update, the specified percentage 

is 100% for the contra-side NBB or NBO priced at 

or below $1.00 and 50% for contra-side NBB or 

NBO priced above $1.00. 

6Until recently the Limit Order Filter was only 

applicable to orders received during Core Trading 

Hours, but the Exchange has expanded this price 

protection feature to limit orders received before the 

opening of trading. See Securities Exchange Act 

Release No. 73024 (September 9, 2014), 79 FR 

55049 (September 15, 2014) (SR–NYSEMKT–2014– 

76). 

7Orders entered by a Market Maker are covered 

by Rule 967NY. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–00378 Filed 1–13–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74017; File No. SR– 

NYSEMKT–2014–116] 

Self-Regulatory Organizations; NYSE 

MKT LLC; Notice of Filing of Proposed 

Rule Change To Amend Rule 967NY 

and To Adopt Rule 967.1NY To Provide 

Price Protection for Market Maker 

Quotes 

January 8, 2015. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on December 

29, 2014, NYSE MKT LLC (the 

‘‘Exchange’’ or ‘‘NYSE MKT’’) 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 selfregulatory organization. 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 

Rule 967NY (Price Protection) and to 

adopt Rule 967.1NY to provide price 

protection for Market Maker quotes. The 

text of the proposed rule change is 

available on the Exchange’s Web site at 

www.nyse.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 

self-regulatory organization 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 those 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 is proposing to amend 

Rule 967NY and to adopt Rule 967.1NY 

to provide price protection for Market 

Maker quotes. The Exchange currently 

offers price protection mechanisms for 

orders and, at this time, is proposing to 

expand its mechanisms to make price 

protection available for Market Maker 

quotes as well. The Exchange believes 

that this proposed enhancement would 

assist with the maintenance of fair and 

orderly markets by averting the risk of 

Market Maker quotes sweeping through 

multiple price points resulting in 

executions at prices that are through the 

last sale price or National Best Bid or 

Best Offer (‘‘NBBO’’) and potentially 

erroneous. 

Rule 967NY, which applies solely to 

orders, affords price protection to orders 

priced a specified percentage through 

the prevailing contra-side market.4

Specifically, Rule 967NY(b) provides a 

price protection filter for incoming limit 

orders, pursuant to which the Exchange 

rejects limit orders priced a specified 

percentage 5 through the NBB or NBO 

(‘‘Limit Order Filter’’).6 To clarify that 

Rule 967NY applies only to orders, the 

Exchange proposes [sic] append the 

word ‘‘Orders’’ to the Rule 967NY 

header to provide ‘‘Rule 967NY. Price 

Protection—Orders.’’ The Exchange 

believes that this proposed change 

would reduce any potential confusion 

regarding the applicability of Rule 

967NY. 

Proposed Market Maker Quote Price 

Protection 

To further enhance the price 

protection functionality available on the 

Exchange, the Exchange proposes to 

adopt a new rule, Rule 967.1NY, that 

would provide for a price protection 

mechanism for quotes entered by a 

Market Maker. To be clear that the 

proposed rule is for Market Maker 

quotes only, and consistent with the 

proposed change to the title for Rule 

967NY, the Exchange proposes to title 

this new rule ‘‘Price Protection— 

Quotes.’’ In addition, Rule 967.1NY(a) 

would provide that the proposed price 

protection filters would be applicable 

only for quotes entered by a Market 

Maker pursuant to Rule 925.1NY and 

would not be applicable to orders 

entered by a Market Maker.7

To take into consideration the unique 

role of Market Makers to enter two-sided 

quotations in their appointments, the 

Exchange proposes to provide for two 

layers of price protection that would be 

applicable to all incoming Market Maker 

quotes. As discussed in detail below, 

the first layer of price protection would 

assess incoming sell quotes against the 

National Best Bid (‘‘NBB’’) and 

incoming buy quotes against the 

National Best Offer (‘‘NBO’’). The 

second layer of price protection would 

assess the price of call or put bids 

against a specified benchmark. 

NBBO Price Reasonability Check 

Proposed Rule 967.1NY(a)(1) would 

set forth the Exchange’s proposed NBBO 

price reasonability check, which would 

compare Market Maker bids with the 

NBO and Market Maker offers with the 

NBB. This proposed price protection is 

[sic] mechanism is similar to the Limit 

Order Filter. Specifically, provided that 

an NBBO is available, a Market Maker 

quote would be rejected if it is priced a 

specified dollar amount or percentage 

through the contra-side NBBO as 

follows: 

(A) $1.00 for Market Maker bids when 

the contra-side NBO is priced at or 

below $1.00; or 

(B) 50% for Market Maker bids (offers) 

when the contra-side NBO (NBB) is 

priced above $1.00. 

The Exchange would reject inbound 

Market Maker quotes that exceed the 

parameters set forth in proposed Rule 

967.1NY(a)(1)(A)–(B) as presumptively 

erroneous. The Exchange believes that 

the proposed percentages are 

appropriate because they are based on 

the percentages already approved for the 

Limit Order Filter and are thus 

calibrated to enable the Exchange to 

reject quotes that otherwise may cause 

price dislocation before the erroneous 

quotes could cause harm to the market. 

The Exchange is also proposing a 

specific dollar threshold for when the 

mstockstill on DSK4VPTVN1PROD with NOTICES