Document ID: SEC-2016-0043-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Chicago Board Options Exchange, Inc.
Posted Date: 2016-01-11T05:00Z

[Federal Register Volume 81, Number 6 (Monday, January 11, 2016)]
[Notices]
[Pages 1268-1272]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-254]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76828; File No. SR-CBOE-2015-115]

Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change Relating to Fees for Certain CBOE Real-Time Data 
Feeds

January 5, 2016.
    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 22, 2015, Chicago Board Options Exchange, 
Incorporated (the ``Exchange'' or ``CBOE'') filed with the Securities 
and Exchange Commission (``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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Chicago Board Options Exchange, Incorporated (the ``Exchange'' or 
``CBOE'') proposes to amend fees for certain CBOE real-time data feeds. 
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
    The purpose of the proposed rule change is to amend fees for the 
BBO Data Feed and Book Depth Data Feed. These data feeds are made 
available by CBOE's affiliate Market Data Express, LLC (``MDX'').\3\
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    \3\ MDX also offers real-time Complex Order Book (``COB'') and 
Flexible Exchange (``FLEX'') Options Data Feeds. The COB Data Feed 
includes data regarding the Exchange's Complex Order Book and 
related complex order information. The COB Data Feed includes BBO, 
Book Depth and last sale data for all CBOE-traded complex order 
strategies and identifies customer orders and trades. The Exchange 
is not proposing to amend fees for the COB Data Feed at this time. 
The FLEX Options Data Feed includes BBO and last sale data for FLEX 
options traded on the CBOE FLEX Hybrid Trading System, including BBO 
and last sale data for FLEX complex strategies. The FLEX Options 
Data Feed is currently made available at no charge. The Exchange is 
not proposing to establish fees for the FLEX Options Data Feed at 
this time.
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BBO and Book Depth Data Feeds
    BBO Data Feed: The BBO Data Feed is a real-time, low latency data 
feed that includes the following content: (i) Outstanding quotes and 
standing orders at the best available price level on each side of the 
market, with aggregate size (``BBO data''), and last sale data; \4\ 
(ii) totals of customer versus non-customer contracts at the BBO, (iii) 
All-or-None contingency orders priced better than or equal to the BBO, 
(iv) BBO and last sale data for complex strategies (e.g., spreads, 
straddles, buy-writes, etc.); (v) expected opening price (``EOP'') and 
expected opening size (``EOS'') information that is disseminated prior 
to the opening of the market and during trading rotations, (vi) end-of-
day (``EOD'') summary messages that are disseminated after the close of 
a trading session that include summary

[[Page 1269]]

information about trading in CBOE listed options (i.e., product name, 
opening price, high and low price during the trading session and last 
sale price), (vii) ``recap messages'' that are disseminated during a 
trading session any time there is a change in the open, high, low or 
last sale price of a CBOE listed option, as well as product name and 
total volume traded in the product during the trading session; and 
(viii) product IDs and codes for all CBOE listed options contracts. The 
BBO Data Feed includes market data for simple options as well as 
complex strategies. The data in the BBO Data Feed is refreshed 
periodically during the trading session.\5\ The BBO and last sale data 
contained in the BBO Data Feed is identical to the data sent to the 
Options Price Reporting Authority (``OPRA'') for redistribution to the 
public.\6\
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    \4\ ``Best bid and offer'' or ``BBO'' data is sometimes referred 
to as ``top-of-book'' data. Data with respect to executed trades is 
referred to as ``last sale'' data.
    \5\ The data is made available during ``Regular Trading Hours'' 
as defined in CBOE Rule 1.1(qqq) and ``Extended Trading Hours'' as 
defined in CBOE Rule 1.1(rrr).
    \6\ MDX makes available to Customers the BBO data and last sale 
data that is included in the BBO Data Feed no earlier than the time 
at which the Exchange sends that data to OPRA.
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    Book Depth Data Feed: The Book Depth Data Feed is a real-time, low 
latency data feed that includes all data contained in the BBO Data Feed 
(as described above) plus outstanding quotes and standing orders up to 
the first four price levels on each side of the market, with aggregate 
size (``Book Depth''). The data in the Book Depth Data Feed is 
refreshed periodically during the trading session.\7\
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    \7\ The data is made available during Regular Trading Hours and 
Extended Trading Hours.
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Fees
    BBO Data Feed Fees: MDX currently charges a ``Data Fee'', payable 
by a Customer, of $6,000 per month for internal use and external 
redistribution of the BBO Data Feed.\8\ The Data Fee entitles a 
Customer to provide the BBO Data Feed to an unlimited number of 
internal users and Devices \9\ within the Customer. A Customer 
receiving the BBO Data Feed from another Customer is assessed the Data 
Fee by MDX pursuant to its own market data agreement with MDX, and is 
entitled to use the Data internally and/or distribute it 
externally.\10\ All Customers have the same rights to utilize the data 
internally and/or distribute it externally as long as the Customer has 
entered into a written agreement with MDX for the data and pays the 
Data Fee.
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    \8\ A BBO Data Feed ``Customer'' is any person, company or other 
entity that, pursuant to a market data agreement with MDX, is 
entitled to receive data, either directly from MDX or through an 
authorized redistributor (i.e., a Customer or an extranet service 
provider), whether that data is distributed externally or used 
internally. The MDX fee schedule for CBOE data is located at https://www.cboe.org/MDX/CSM/OBOOKMain.aspx.
    \9\ A ``Device'' means any computer, workstation or other item 
of equipment, fixed or portable, that receives, accesses and/or 
displays data in visual, audible or other form.
    \10\ A Customer may choose to receive the data from another 
Customer rather than directly from MDX's system because it does not 
want to or is not equipped to manage the technology necessary to 
establish a direct connection to MDX.
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    The Exchange proposes to increase the Data Fee from $6,000 per 
month to $7,000 per month. The Exchange currently charges a ``User 
Fee'', payable by a Customer, of $50 per month per Device or user ID 
for use of data in the BBO Data Feed by ``Display Only Service'' 
users.\11\ User fees are payable only for ``external'' Display Only 
Service users (Devices or user IDs of Display Only Service users who 
are not employees or natural person independent contractors of the 
Customer, the Customer's affiliates or an authorized service 
facilitator).\12\ The Exchange is not proposing to amend the User Fee 
at this time.
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    \11\ A ``Display Only Service'' allows a natural person end-user 
to view and manipulate data using the Customer's computerized 
service, but not to save, copy, export or transfer the data or any 
results of the manipulation to any other computer hardware, software 
or media, except for printing it to paper or other non-magnetic 
media.
    \12\ An entity or person that receives BBO data from a Customer 
through a Display Only Service is not a ``Customer'' unless it has a 
market data agreement in place with MDX.
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    Book Depth Data Feed Fees: MDX currently charges a ``Data Fee'', 
payable by a Customer (as defined above), of $6,000 per month for 
internal use and external redistribution of the Book Depth Data Feed. 
The Data Fee for the Book Depth Data Feed entitles a Customer to 
provide the Book Depth Data Feed to an unlimited number of internal 
users and Devices within the Customer. A Customer receiving the Book 
Depth Data Feed from another Customer is assessed the Data Fee by MDX 
pursuant to its own market data agreement with MDX, and is entitled to 
use the Data internally and/or distribute it externally. All Customers 
have the same rights to utilize the Book Depth data internally and/or 
distribute it externally as long as the Customer has entered into a 
written agreement with MDX for the data and pays the Data Fee. BBO Data 
Feed Customers may upgrade to become Book Depth Data Feed Customers 
without paying any additional Data Fee.\13\
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    \13\ Such Customers would still be subject to Display Only 
Service User Fees as described below.
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    The Exchange proposes to increase the Data Fee from $6,000 per 
month to $7,000 per month. The Exchange currently charges a ``User 
Fee'', payable by a Customer, of $50 per month per Device or user ID 
for use of data in the Book Depth Data Feed by ``Display Only Service'' 
users (as defined above). User fees are payable only for ``external'' 
Display Only Service users (Devices or user IDs of Display Only Service 
users who are not employees or natural person independent contractors 
of the Customer, the Customer's affiliates or an authorized service 
facilitator).\14\ The Exchange is not proposing to amend the User Fee 
at this time.
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    \14\ An entity or person that receives Book Depth data from a 
Customer through a Display Only Service is not a ``Customer'' unless 
it has a market data agreement in place with MDX.
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    The Exchange also proposes to make a few clean-up changes to the 
MDX fee schedule for CBOE data, including removing several references 
to a January 1, 2015 effective date for prior fee changes.
    The proposed fee changes would be effective on January 1, 2016.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Securities Exchange Act of 1934 (the ``Act'') and the rules and 
regulations thereunder applicable to the Exchange and, in particular, 
the requirements of Section 6(b) of the Act.\15\ Specifically, the 
Exchange believes the proposed rule change is consistent with Section 
6(b)(4) of the Act,\16\ which requires that Exchange rules provide for 
the equitable allocation of reasonable dues, fees, and other charges 
among its Trading Permit Holders and other persons using its 
facilities. The Exchange also believes the proposed rule change is 
consistent with the Section 6(b)(5) \17\ requirement that the rules of 
an exchange not be designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers.
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    \15\ 15 U.S.C. 78f(b).
    \16\ 15 U.S.C. 78f(b)(4).
    \17\ 15 U.S.C. 78f(b)(5).
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    The proposed increases in the Data Fees for the BBO and Book Depth 
Data Feeds are intended to generate revenues that are needed to cover 
CBOE's actual and anticipated increases in the costs of collecting, 
processing and disseminating options market information and assuring 
the reliability and integrity of that information, as well as increases 
in CBOE's administrative costs. These costs include enhancements to 
CBOE's systems that are needed in order to enable CBOE to handle the 
continually increasing volume of market information and to accommodate 
the dissemination of data during Extended Trading Hours.

[[Page 1270]]

    The Exchange believes the proposed increase in the Data Fee for BBO 
data is equitable and not unfairly discriminatory because it would 
apply equally to all Customers. The Exchange believes the proposed Data 
Fee is reasonable because it compares favorably to fees that other 
markets charge for similar products. For example, NASDAQ OMX PHLX 
charges Internal Distributors a monthly fee of $4,000 per organization 
and External Distributors a monthly fee of $5,000 per organization 
(i.e., a total of $9,000 per month for internal use and external 
redistribution) for its ``TOPO Plus Orders'' data feed, which like the 
BBO Data Feed includes top-of-book data (including orders, quotes and 
trades) and other market data.\18\ The International Securities 
Exchange offers a ``Top Quote Feed'', which includes top-of-book data, 
and a separate ``Spread Feed'', which like the BBO Data Feed includes 
order and quote data for complex strategies (i.e., a customer must 
subscribe to both feeds to receive data comparable to the BBO Data 
Feed). ISE charges distributors of its Top Quote Feed a base monthly 
fee of $3,000 plus $20 per month per controlled device. ISE charges 
distributors of its Spread Feed a base monthly fee of $3,000 plus $25 
per month per controlled device.\19\
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    \18\ See IX. Proprietary Data Feed Fees, TOPO Plus Orders, 
available at http://www.nasdaqtrader.com/Micro.aspx?id=phlxpricing.
    \19\ See ISE Schedule of Fees available at http://www.ise.com/assets/documents/OptionsExchange/legal/fee/ISE_fee_schedule.pdf.
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    The Exchange believes the proposed increase in the Data Fee for 
Book Depth data is equitable and not unfairly discriminatory because it 
would apply equally to all Customers. The Exchange believes the 
proposed Data Fee is reasonable because it compares favorably to fees 
that other markets charge for similar products. For example, the 
International Securities Exchange offers a ``Depth of Market'' Feed, 
which includes the aggregated volume of all quotes and orders available 
at each of the top five price levels for simple (single legged) 
instruments, and a separate Spread Feed, which like the Book Depth Data 
Feed includes order and quote data for complex strategies (i.e., a 
customer must subscribe to both feeds to receive data comparable to the 
Book Depth Data Feed). ISE charges distributors of its Depth of Market 
Feed a base monthly fee of $5,000 plus $50 per month per controlled 
device. ISE charges distributors of its Spread Feed a base monthly fee 
of $3,000 plus $25 per month per controlled device.\20\ NASDAQ OMX PHLX 
charges Internal Distributors a monthly fee of $4,000 and External 
Distributors a monthly fee of a $4,500 (i.e., a total of $8,500 per 
month for internal use and external redistribution) for its Depth of 
Market data feed that includes full depth of quotes and orders and last 
sale data for options listed on PHLX.\21\
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    \20\ Supra Note 19.
    \21\ See IX. Proprietary Data Feed Fees, PHLX Depth Data, 
available at http://www.nasdaqtrader.com/Micro.aspx?id=phlxpricing.
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    The decision of the United States Court of Appeals for the District 
of Columbia Circuit in NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 
2010), upheld reliance by the Securities and Exchange Commission 
(``Commission'') upon the existence of competitive market mechanisms to 
set reasonable and equitably allocated fees for proprietary 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.'

Id. At 535 (quoting H.R. Rep. No. 94-229 at 92 (1975), as reprinted in 
1975 U.S.C.C.A.N. 323). The court agreed with the Commission's 
conclusion that ``Congress intended that `competitive forces should 
dictate the services and practices that constitute the U.S. national 
market system for trading equity securities.' ''\22\
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    \22\ NetCoalition, 615 F.3d at 535 (Quoting Securities Exchange 
Act Release No. 59039 (December 9 [sic], 2008), 73 FR 74770 
(December 9, 2008) at 74771).
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    As explained below in the Exchange's Statement on Burden on 
Competition, the Exchange believes that there is substantial evidence 
of competition in the marketplace for proprietary market data and that 
the Commission can rely upon such evidence in concluding that the fees 
established in this filing are the product of competition and therefore 
satisfy the relevant statutory standards. In addition, the existence of 
alternatives to these data products, such as consolidated data and 
proprietary data from other sources, as described below, further 
ensures that the Exchange cannot set unreasonable fees, or fees that 
are unreasonably discriminatory, when vendors and subscribers can 
select such alternatives.
    For the reasons cited above, the Exchange believes the proposed 
fees for the BBO and Book Depth Data Feeds are equitable, reasonable 
and not unfairly discriminatory. In addition, the Exchange believes 
that no substantial countervailing basis exists to support a finding 
that the proposed fees for the BBO and Book Depth Data Feeds fail to 
meet the requirements of the Act.

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.
    An exchange's ability to price its proprietary data market feed 
products is constrained by (1) the existence of actual competition for 
the sale of such data, (2) the joint product nature of exchange 
platforms, and (3) the existence of alternatives to the Exchange's 
proprietary data.
    The Existence of Actual Competition. The Exchange believes 
competition provides an effective constraint on the market data fees 
that the Exchange, through MDX, has the ability and the incentive to 
charge. CBOE has a compelling need to attract order flow from market 
participants in order to maintain its share of trading volume. This 
compelling need to attract order flow imposes significant pressure on 
CBOE to act reasonably in setting its fees for market data, 
particularly given that the market participants that will pay such fees 
often will be the same market participants from whom CBOE must attract 
order flow. These market participants include broker-dealers that 
control the handling of a large volume of customer and proprietary 
order flow. Given the portability of order flow from one exchange to 
another, any exchange that sought to charge unreasonably high data fees 
would risk alienating many of the same customers on whose orders it 
depends for competitive survival. CBOE currently competes with twelve 
options exchanges (including CBOE's affiliate, C2 Options Exchange) for 
order flow.\23\
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    \23\ The Commission has previously made a finding that the 
options industry is subject to significant competitive forces. See 
e.g., Securities Exchange Act Release No. 59949 (May 20, 2009), 74 
FR 25593 (May 28, 2009) (SR-ISE-2009-97) (order approving ISE's 
proposal to establish fees for a real-time depth of market data 
offering).
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    In addition, in the case of products that are distributed through 
market data vendors, the market data vendors themselves provide 
additional price discipline for proprietary data products because they 
control the primary means of access to certain end users. These vendors 
impose price discipline based upon their business models. For example, 
vendors that assess a surcharge on data they sell are able to refuse to 
offer proprietary products that their end users do not or will not

[[Page 1271]]

purchase in sufficient numbers. Internet portals, such as Google, 
impose price discipline by providing only data that they believe will 
enable them to attract ``eyeballs'' that contribute to their 
advertising revenue. Similarly, Customers will not offer the BBO or 
Book Depth Data Feeds unless these products will help them maintain 
current users or attract new ones. For example, a broker-dealer will 
not choose to offer the BBO or Book Depth Data Feeds to its retail 
customers unless the broker-dealer believes that the retail customers 
will use and value the data and the provision of such data will help 
the broker-dealer maintain the customer relationship, which allows the 
broker-dealer to generate profits for itself. Professional users will 
not request any of these feeds from Customers unless they can use the 
data for profit-generating purposes in their businesses. All of these 
operate as constraints on pricing proprietary data products.
    Joint Product Nature of Exchange Platform. Transaction execution 
and proprietary data products are complementary in that market data is 
both an input and a byproduct of the execution service. In fact, market 
data and trade executions are a paradigmatic example of joint products 
with joint costs. The decision whether and on which platform to post an 
order will depend on the attributes of the platforms where the order 
can be posted, including the execution fees, data quality, and price 
and distribution of their data products. The more trade executions a 
platform does, the more valuable its market data products become. The 
costs of producing market data include not only the costs of the data 
distribution infrastructure, but also the costs of designing, 
maintaining, and operating the exchange's transaction execution 
platform and the cost of regulating the exchange to ensure its fair 
operation and maintain investor confidence. The total return that a 
trading platform earns reflects the revenues it receives from both 
products and the joint costs it incurs. Moreover, an exchange's broker-
dealer customers view the costs of transaction executions and market 
data as a unified cost of doing business with the exchange.
    Analyzing the cost of market data product production and 
distribution in isolation from the cost of all of the inputs supporting 
the creation of market data and market data products will inevitably 
underestimate the cost of the data and data products because it is 
impossible to obtain the data inputs to create market data products 
without a fast, technologically robust, and well-regulated execution 
system, and system costs and regulatory costs affect the price of both 
obtaining the market data itself and creating and distributing market 
data products. It would be equally misleading, however, to attribute 
all of an exchange's costs to the market data portion of an exchange's 
joint products. Rather, all of an exchange's costs are incurred for the 
unified purposes of attracting order flow, executing and/or routing 
orders, and generating and selling data about market activity. The 
total return that an exchange earns reflects the revenues it receives 
from the joint products and the total costs of the joint products.
    The level of competition and contestability in the market is 
evident in the numerous alternative venues that compete for order flow, 
including 12 options self-regulatory organization (``SRO'') markets, as 
well as various forms of alternative trading systems (``ATSs''), 
including dark pools and electronic communication networks (``ECNs'') 
and internalizing broker-dealers (``BDs''). Competition among trading 
platforms can be expected to constrain the aggregate return that each 
platform earns from the sale of its joint products, but different 
platforms may choose from a range of possible, and equally reasonable, 
pricing strategies as the means of recovering total costs. For example, 
some platforms may choose to pay rebates to attract orders, charge 
relatively low prices for market data products (or provide market data 
products free of charge), and charge relatively high prices for 
accessing posted liquidity. Other platforms may choose a strategy of 
paying lower rebates (or no rebates) to attract orders, setting 
relatively high prices for market data products, and setting relatively 
low prices for accessing posted liquidity. In this environment, there 
is no economic basis for regulating maximum prices for one of the joint 
products in an industry in which suppliers face competitive constraints 
with regard to the joint offering.
    The Existence of Alternatives. CBOE is constrained in pricing the 
BBO and Book Depth Data Feeds by the availability to market 
participants of alternatives to purchasing these products. CBOE must 
consider the extent to which market participants would choose one or 
more alternatives instead of purchasing the exchange's data. Other 
options exchanges can and have produced their own top-of-book and book 
depth market data products, and thus are sources of potential 
competition for MDX. For example, as noted above, ISE and NASDAQ OMX 
PHLX offer market data products that compete with the BBO and Book 
Depth Data Feeds. The NYSE offers market data products entitled ``NYSE 
ArcaBook for Amex Options'' and ``NYSE ArcaBook for Arca Options'' that 
include top-of-book, last sale and market depth data similar to the 
data in the BBO and Book Depth Data Feeds.
    The large number of SROs, BDs, and ATSs that currently produce 
proprietary data or are currently capable of producing it provides 
further pricing discipline for proprietary data products. Each SRO, 
ATS, and BD is currently permitted to produce proprietary data 
products, and many currently do. In addition, the OPRA data feed is a 
significant competitive alternative to the BBO and last sale data 
included in the BBO and Book Depth Data Feeds.
    Further, data products are valuable to professional users only if 
they can be used for profit-generating purposes in their businesses and 
valuable to non-professional users only insofar as they provide 
information that such users expect will assist them in tracking prices 
and market trends and making trading decisions.
    The existence of numerous alternatives to the Exchange's products, 
including proprietary data from other sources, ensures that the 
Exchange cannot set unreasonable fees, or fees that are unreasonably 
discriminatory, when vendors and subscribers can elect these 
alternatives or choose not to purchase a specific proprietary data 
product if its cost to purchase is not justified by the returns any 
particular vendor or subscriber would achieve through the purchase.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \24\ and paragraph (f) of Rule 19b-4 \25\ 
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

[[Page 1272]]

Commission will institute proceedings to determine whether the proposed 
rule change should be approved or disapproved.
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    \24\ 15 U.S.C. 78s(b)(3)(A).
    \25\ 17 CFR 240.19b-4(f).
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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-2015-115 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-2015-115. 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-2015-115 and should be 
submitted on or before February 1, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\26\
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    \26\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-254 Filed 1-8-16; 8:45 am]
 BILLING CODE 8011-01-P