Document ID: SEC-2015-0156-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NASDAQ OMX BX, Inc.
Posted Date: 2015-01-26T05:00Z

[Federal Register Volume 80, Number 16 (Monday, January 26, 2015)]
[Notices]
[Pages 4023-4026]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-01250]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74097; File No. SR-BX-2015-004]

 Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Regarding BX 
LMM and Penny Pilot Options

January 20, 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 9, 2015, NASDAQ OMX BX, Inc. (``BX'' or ``Exchange'') 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 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

    The Exchange proposes to amend Chapter XV, entitled ``Options 
Pricing'' and Section 2, entitled ``Options Market--Fees and Rebates''. 
Specifically, the Exchange proposes to: (1) Add the definition of Lead 
Market Maker (``LMM'') and amend the definition of Common Ownership in 
Chapter XV; (2) adopt three Monthly Volume Tiers in Section 2 that 
apply to LMMs in their specifically allocated options classes when 
adding liquidity in Penny Pilot options; (3) indicate in Section 2 that 
BAC, IWM, QQQ, SPY, and VXX are priced like all other Penny Pilot 
options; and (4) update the numbering of notes in Section 2.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaqomxbx.cchwallstreet.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 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 Chapter XV, 
entitled ``Options Pricing'' and Section 2, entitled ``Options Market--
Fees and Rebates''. Specifically, the Exchange proposes to: (1) Add the 
definition of Lead Market Maker and amend the definition of Common 
Ownership in Chapter XV; (2) adopt three Monthly Volume Tiers in 
Section 2 that apply to LMMs (also known as ``BX LMMs'') in their 
specifically allocated options classes when adding liquidity in Penny 
Pilot options; (3) indicate in Section 2 that BAC, IWM, QQQ, SPY, and 
VXX \3\ are priced like all other Penny Pilot options; and (4) update 
the numbering of notes in Section 2.
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    \3\ BAC is the symbol for Bank of America Corporation, IWM is 
the symbol for iShares Russell 200 ETF, QQQ is the symbol for 
PowerShares QQQ Trust Series 1 ETF, SPY is the symbol for SPDR S&P 
500 ETF, and VXX is the symbol for iPath S&P 500 VIX Short Term 
Futures ETN.
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Lead Market Maker
    BX introduced LMMs this year on the Exchange,\4\ such that with 
respect to each class of options in an LMM's appointment, an LMM is 
expected to engage, to a reasonable degree under the existing 
circumstances, in dealings for his own account when there exists, or it 
is reasonably anticipated that there will exist, a lack of price 
continuity, a temporary disparity between the supply of and demand for 
a particular option contract, or a temporary distortion of the price 
relationships between option contracts of the same class.\5\ Approved 
BX Options Market Makers \6\ may become an LMM in one or more listed 
options. Initial application(s) to become an LMM shall be in a form 
and/or format prescribed by the Exchange and shall include the 
following: (1) Background information on the LMM including experience 
in trading options; (2) the LMM's clearing arrangements; (3) adequacy 
of capital; and (4) adherence to Exchange rules and ability to meet 
obligations of an LMM.\7\ Once an applicant is approved by the Exchange 
as an LMM, any material change in capital shall be reported in writing 
to the Exchange within two business days after the change. The Exchange 
will not place any limit on the number of entities that may become 
LMMs, however the Exchange notes that there will only be one LMM per 
class.
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    \4\ See Securities Exchange Act Release No. 72883 (August 20, 
2014), 79 FR 50971 (August 26, 2014) (SR-BX-2014-035) (order 
approving introduction of LMMs on BX) (the ``LMM approval order'').
    \5\ LMM obligations and prohibitions are further described in 
Chapter VII, Section 14.
    \6\ See BX Chapter VII, Section 2.
    \7\ See BX Chapter VII, Section 13(A)(b). Subsequent 
applications are discussed in Section 13(A)(c).
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    The Exchange is not, in this proposal, making any changes, 
substantive or otherwise, to how LMMs function. Rather, in that the 
proposed new volume tiers in Chapter XV, Section 2 refer to LMMs, the 
Exchange is adding to Chapter XV a definition of LMM that refers back 
to Chapter VII, Section 13. Specifically, the Exchange proposes to 
state in Chapter XV: ``The term ``Lead

[[Page 4024]]

Market Maker'' or (``LMM'') applies to a registered BX Options Market 
Maker that is approved pursuant to Chapter VII, Section 13 to be the 
LMM in an options class (options classes).'' This makes the proposed 
volume tiers language easier to understand and read within Chapter XV, 
Section 2.
Common Ownership
    The concept of common ownership is present in Exchange rules. 
Currently, Chapter XV states that the term ``Common Ownership'' shall 
mean Participants under 75% common ownership or control. The Exchange 
is, as discussed below, proposing Monthly Volume Tiers for execution of 
options on BX that meet certain volume thresholds. As such, the 
Exchange simply proposes to incorporate volume tiers into the 
definition of ``Common Ownership'' in Chapter XV by adding the 
language: ``Common Ownership shall apply to all pricing in Chapter XV, 
Section 2 for which a volume threshold or volume percentage is required 
to obtain the pricing.'' This conforms Chapter XV internally and 
reduces the possibility of confusion. It also conforms the definition 
of Common Ownership in BX Chapter XV with a similar definition in the 
rules of the NASDAQ Options Market (``NOM'').\8\
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    \8\ See NOM Chapter XV. NOM is a facility of The NASDAQ Stock 
Market LLC (``NASDAQ''). NASDAQ, NASDAQ OMX PHLX LLC (``Phlx'') and 
the Exchange are self-regulatory organizations (``SROs'') that are 
wholly owned subsidiaries of The NASDAQ OMX Group, Inc. 
(``NASDAQ'').
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Fees and Rebates for Penny Pilot Options
    The Penny Pilot, an industry-wide program, has been in place on the 
Exchange for well over a year and has allowed options to quote and 
trade in penny increments.\9\ The Exchange's options pricing for 
execution on the BX Options Market currently has a separate section for 
fees and rebates \10\ for Penny Pilot options on BAC, IWM, QQQ, SPY, 
and VXX (known as ``special rates'')--as opposed to All Other Penny 
Pilot Options.\11\ The Exchange proposes to delete the special rates 
for BAC, IWM, QQQ, SPY, and VXX. By doing so, BAC, IWM, QQQ, SPY, and 
VXX would have the same fees and rebates as all other Penny Pilot 
options. Thus, as a result of this filing deleting the special rates, 
the rebate to add liquidity for a BX Options Market Maker \12\ when 
contra to a Non-Customer, BX Options Market Maker, or BX LMM would 
increase from $0.00 to $0.10 (per executed contract); the rebate to 
remove liquidity for Customer \13\ would increase from $0.00 to $0.35; 
the fee to add liquidity for Customer when contra to a Customer would 
increase from $0.10 to $0.40; and the fee to add liquidity for BX 
Options Market Maker when contra to a Customer would increase from 
$0.00 to as much as $0.40--according to three Monthly Volume Tiers in 
new note 4 applicable to LMMs as discussed below. As such, all Penny 
Pilot Options, including BAC, IWM, QQQ, SPY, and VXX, would have the 
same fees and rebates.
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    \9\ The Penny Pilot was established in June 2012 and last 
extended in December 2014. See Securities Exchange Act Release Nos. 
67256 (June 26, 2012), 77 FR 39277 (July 2, 2012) (SR-BX-2012-030) 
(order approving BX option rules and establishing Penny Pilot); and 
73689 (November 25, 2014), 79 FR 71488 (December 2, 2014) (SR-BX-
2014-057) (notice of filing and immediate effectiveness extending 
the Penny Pilot through June 30, 2015).
    \10\ The Rebate to Add Liquidity is paid to a BX Options Market 
Maker only when the BX Options Market Maker is contra to a Non-
Customer or BX Options Market Maker. A Non-Customer includes a 
Professional, Firm, Broker-Dealer and Non-BX Options Market Maker.
    \11\ See Securities Exchange Act Release No. 70539 (September 
27, 2013), 78 FR 61418 (October 3, 2013) (SR-BX-2013-052) (notice of 
filing and immediate effectiveness regarding special rates for BAC, 
IWM, QQQ, SPY, and VXX).
    \12\ A BX Options Market Maker must be registered as such 
pursuant to Chapter VII, Section 2 of the BX Options Rules, and must 
also remain in good standing pursuant to Chapter VII, Section 4.
    \13\ The term ``Customer'' means a Public Customer or a broker-
dealer, and the term ``Public Customer'' means a person that is not 
a broker or dealer in securities. See Chapter I, Section 1(a)(22) 
and 1(a)(50).
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    The fee schedule after the filing will reflect Penny Pilot Options 
fees and rebates for Customer, BX Options Market Maker, and Non 
Customer \14\ as follows:
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    \14\ A Non-Customer includes a Professional, Firm, Broker-Dealer 
and Non-BX Options Market Maker.

                                                Fees and Rebates
                                             [Per executed contract]
----------------------------------------------------------------------------------------------------------------
                                            Customer           BX Options Market Maker      Non-Customer \1\
----------------------------------------------------------------------------------------------------------------
Penny Pilot Options:
Rebate to Add Liquidity..........  $0.00 \2\................  $0.10 \2\...............  N/A.
Fee to Add Liquidity.............  $0.40 \3\................  $0.40[sic] 4............  $0.45.
Rebate to Remove Liquidity.......  $0.35....................  N/A.....................  N/A.
Fee to Remove Liquidity..........  N/A......................  $0.46...................  $0.46.
----------------------------------------------------------------------------------------------------------------

There are three notes applicable to this Fees and Rebates section, 
which do not change.\15\ The Exchange is adding new note 4 in respect 
of volume tiers applicable to LMMs.
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    \15\ These unchanged notes are: ``1 A Non-Customer 
includes a Professional, Firm, Broker-Dealer and Non-BX Options 
Market Maker. \2\The Rebate to Add Liquidity will be paid to a 
Customer or BX Options Market Maker only when the Customer or BX 
Options Market Maker is contra to a Non-Customer or BX Options 
Market Maker. \3\The Fee to Add Liquidity will be assessed to a 
Customer or BX Options Market Maker only when the Customer or BX 
Options Market Maker is contra to a Customer.''
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    New note 4 adds Monthly Volume Tiers A, B, and C applicable to BX 
LMMs in their specifically allocated options classes. These tiers apply 
to the Fee to add Liquidity for BX LMMs for Penny Pilot Options.\16\ 
The fee is indicated at $0.40, $0.38, and $0.37 depending on Monthly 
Volume Tier thresholds. Tier A indicates a fee of $0.40 for Total 
Volume up to 0.20% of total industry customer equity and ETF option 
average daily volume (``ADV'') contracts per day. Tier B indicates a 
fee of $0.38 for Total Volume above 0.20% to 0.30% of total industry 
customer equity and ETF option ADV contracts per day in a month. And 
Tier C indicates a fee of $0.37 for a Total Volume 0.31% or more of 
total industry customer equity and ETF option ADV contracts per day in 
a month. In addition, because new tiers A, B, and C refer to Total 
Volume, this term is defined as follows: ``Total Volume'' shall be 
defined as Customer, BX Options Market Marker, LMM, and Non-Customer 
volume in Penny Pilot Options and/or Non-Penny Pilot Options which 
either adds or removes liquidity on BX Options. For purposes of 
determining Monthly Volume Tiers,

[[Page 4025]]

any day that the market is not open for the entire trading day will be 
excluded from such calculation.'' \17\
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    \16\ For the Fee to add Liquidity for Customer for Penny Pilot 
Options, note 3 continues to apply. Note 3 states: ``The Fee to Add 
Liquidity will be assessed to a Customer or BX Options Market Maker 
only when the Customer or BX Options Market Maker is contra to a 
Customer.''
    \17\ The Exchange notes that NOM also has a tiered system for 
fees and rebates, albeit a different one than proposed by the 
Exchange.
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    Finally, in the rebates and fees section for Non-Penny Pilot 
Options, note 4 is renumbered to note 5.\18\ There are no other changes 
to this section.
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    \18\ Renumbered note 5 is unchanged and states: ``The higher Fee 
to Add Liquidity will be assessed to a Customer or BX Options Market 
Maker only when the Customer or BX Options Market Maker is contra to 
a Customer.''
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    The Exchange believes that having the same fees and rebates across 
the board for all Penny Pilot Options will incentivize BX Options 
Market Makers, Customers, and non-Customers to interact with a greater 
number of Penny Pilot Options orders on the Exchange. The proposed 
differentiation between BX LMMs and other market participants in terms 
of tiers recognizes the differing contributions made to the liquidity 
and trading environment on the Exchange by these market participants. 
LMMs have heightened quoting obligations. Chapter VII, Section 14(a) 
indicates that transactions of an LMM should constitute a course of 
dealings reasonably calculated to contribute to the maintenance of a 
fair and orderly market, and no LMM should enter into transactions or 
make bids or offers that are inconsistent with such a course of 
dealings. Section 14(b) indicates that obligations of LMMs with respect 
to each class of options in his or her appointment specifically include 
the following: (i) To compete with other LMMs and Market Makers to 
improve the market in all series of options classes to which the LMM is 
appointed; (ii) To make markets that will be honored for the number of 
contracts entered into the Trading System in all series of options 
classes within the LMM's appointment; (iii) To update market quotations 
in response to changed market conditions in all series of options 
classes within the LMM's appointment; (iv) Options traded on the 
Trading System may be quoted with a difference not to exceed $5 between 
the bid and offer regardless of the price of the bid; (v) BX Regulation 
may establish quote width differences other than as provided in 
subparagraph (iv) for one or more options series.\19\
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    \19\ In addition, Chapter VII, Section 14(b)(vi) requires, in 
part, that in the event the bid/ask differential in the underlying 
security is greater than the bid/ask differential set forth in 
subsections (b)(iv)-(v), the permissible price differential for any 
in-the-money option series may be identical to those in the 
underlying security market. In the case of the at-the-money and out-
of-the-money series, BX Regulation may waive the requirements of 
subsections (b)(iv)-(v) on a case-by-case basis when the bid/ask 
differential for the underlying security is greater than .50. In 
such instances, the bid/ask differentials for the at-the-money 
series and the out-of-the-money series may be half as wide as the 
bid/ask differential in the underlying security in the primary 
market. For obligations with respect to unusual conditions, see 
Section 14(c). In the LMM approval order (Securities Exchange Act 
Release No. 72883), the Commission noted that the proposed rules 
regarding LMMs are substantially similar to the rules of other 
exchanges such as, for example, NASDAQ OMX PHLX Rules 501, 505, 506 
and 511 and NYSE Arca Rules 6.37A and 6.37B.
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    The Exchange believes that the proposed changes are consistent with 
the Act and raise no novel issues.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \20\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \21\ 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. BX Options operates in an 
intensely competitive environment and seeks to offer the same services 
that its competitors offer and in which its customers find value.
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    \20\ 15 U.S.C. 78f(b).
    \21\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that applying the same Rebates and Fees to 
all Customers, BX Options Market Makers, and Non-Customers in all Penny 
Pilot Options promotes just and equitable principles of trade, and 
fosters cooperation and coordination with persons engaged in 
facilitating transactions in Penny Pilot Options. The Exchange will 
uniformly apply the same Fees and Rebates to all Customer, Market Maker 
and non-Customer Penny Pilot Options and will no longer differentiate 
Fees and Rebates for BAC, IWM, QQQ, SPY, and VXX.
    The proposed rule change also protects investors and the public 
interest and seeks to establish and promote just and equitable 
principles of trade by creating more uniformity and consistency among 
the Exchange's rules related to Fees and Rebates for all Penny Pilot 
Options. The Exchange believes that the proposal will not diminish and 
in fact may increase, market making activity on the Exchange by 
ensuring fees and rebates that are reasonable and already in place for 
Penny Pilot Options. With this proposal, the same rebates and fees will 
apply across the board to all Penny Pilot options.
    The proposal is reasonable, equitable, and not unfairly 
discriminatory. The Exchange believes that it is reasonable, equitable, 
and not unfairly discriminatory to treat fees and rebates regarding all 
Penny Pilot Options, including BAC, IWM, QQQ, SPY and VXX, exactly the 
same. This would, for BAC, IWM, QQQ, SPY and VXX, effectively increase 
the Rebate to Add Liquidity for BX Options Market Makers when contra to 
a Non-Customer, BX Options Market Maker, or BX LMM from $0.00 to 
$0.10;\22\ would increase the Fee to Add Liquidity for Customers when 
contra to a Customer from $0.10 to $0.40, and for BX Options Market 
Makers when contra to a Customer from $0.00 to as much as $0.40 per 
Tiers A, B, and C; and would increase the Rebate to Remove Liquidity 
for Customers from $0.00 to $0.35. As noted, the proposal would make 
all Penny Pilot Options exactly the same in terms of fees and rebates. 
The Exchange's model would thus assess a fee to add liquidity--across 
the board for all Penny Pilot Options for Customer, BX Options Market 
Maker and BX LMM, and Non-Customer. The proposed differentiation 
between BX Options Market Makers according to LMM tiers recognizes the 
differing contributions made to the liquidity and trading environment 
on the Exchange by BX Options Market Makers. In all Penny Pilot 
Options, Customer would continue to be assessed a smaller fee of $0.40 
to Add Liquidity as opposed to a fee of $0.45 for non-Customer to Add 
Liquidity; and the Exchange would continue to uniformly assess, without 
tiers, the Fee to Add Liquidity in all Penny Pilot Options to all 
Customers and Non-Customers.\23\ In all Penny Pilot Options, Customers 
would continue to not be assessed a Fee to Remove Liquidity while BX 
Options Market Makers and Non-Customers are assessed a $0.46 per 
contract Fee to Remove Liquidity. All fees and rebates would be applied 
uniformly by category of market participant per fee schedule. Moreover, 
the Exchange believes that adding the definition of LMM and amending 
the definition of Common Ownership in Chapter XV and updating the 
numbering of notes in Section 2

[[Page 4026]]

clarifies the uniformly applicable rebates and fees for Penny Pilot 
Options.
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    \22\ Per note 2, the Rebate to Add Liquidity will be paid to a 
Customer or BX Options Market Maker only when the Customer or BX 
Options Market Maker is contra to a Non-Customer or BX Options 
Market Maker.
    \23\ In all Penny Pilot Options, Customer continues to be 
entitled to a Rebate to Remove Liquidity in Penny Pilot Options; BX 
Options Market Maker continues to be entitled to a Rebate to Add 
Liquidity; and BX Options Market Maker and non-Customer continues to 
be assessed a Fee to Remove Liquidity.
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    The Exchange further believes the previous pricing scheme employed 
in the above referenced symbols to incentivize BX Options Market Makers 
to provide liquidity is no longer necessary in light of the LMM changes 
and proposed rates discussed herein. The proposed differentiation 
between BX LMMs and other market participants in terms of tiers 
recognizes the differing contributions made to the liquidity and 
trading environment on the Exchange by these market participants. The 
Exchange believes that this is reasonable, equitable, and not unfairly 
discriminatory. The Exchange notes that as a result of this proposal 
all rebates and fees would be applied uniformly to all market 
participants (Customers, BX Options Market Makers, and non-Customers).

B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any burden on competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Act. To the contrary, BX has designed its fees and rebates to 
compete effectively for the execution and routing of Penny Pilot 
Options contracts on the Exchange.
    The Exchange believes that the proposed amended fees and rebates 
will attract market participants and BX Options Market Makers to engage 
in market making activities at the Exchange, which results in tighter 
markets and order interaction and benefits all market participants. 
Moreover, BX Options Market Makers have obligations to the market and 
regulatory requirements, which normally do not apply to other market 
participants.\24\ While BX Options Market Makers will be paying a Fee 
to Add Liquidity in all Penny Pilot Options that will not be higher 
than for Customers, Customers will pay a fee which is lower than that 
assessed to Non-Customers. The Exchange believes that this does not 
present an undue burden on competition because the pricing seeks to 
reward liquidity providers, which in turn benefits all market 
participants. The proposed differentiation between BX Options Market 
Makers, BX LMMs, and other market participants, which includes Tiers A, 
B, and C for BX LMMs, recognizes the differing above-discussed 
contributions made to the liquidity and trading environment on the 
Exchange by these market participants.
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    \24\ For example, pursuant to Chapter VII (Market Participants), 
Section 5 (Obligations of Market Makers), in registering as a Market 
Maker, an Options Participant commits himself to various 
obligations. Transactions of a Market Maker in its market making 
capacity must constitute a course of dealings reasonably calculated 
to contribute to the maintenance of a fair and orderly market, and 
Market Makers should not make bids or offers or enter into 
transactions that are inconsistent with such course of dealings. 
Further, all Market Makers are designated as specialists on BX for 
all purposes under the Act or rules thereunder. See Chapter VII, 
Section 5.
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    The Exchange believes the proposals discussed herein do not pose an 
undue burden on intermarket competition. The Exchange operates in a 
highly competitive market comprised of twelve U.S. options exchanges in 
which sophisticated and knowledgeable market participants can and do 
send order flow to competing exchanges if they deem fee levels at a 
particular exchange to be excessive. The Exchange believes that the 
proposed fee and rebate scheme discussed herein is competitive. The 
Exchange believes that this competitive marketplace materially impacts 
the fees and rebates present on the Exchange today and substantially 
influences the proposal set forth above.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Pursuant to Section 19(b)(3)(A)(ii) of the Act,\25\ the Exchange 
has designated this proposal as establishing or changing a due, fee, or 
other charge imposed by the self-regulatory organization on any person, 
whether or not the person is a member of the self-regulatory 
organization, which renders the proposed rule change effective upon 
filing.
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    \25\ 15 U.S.C. 78s(b)(3)(A)(ii).
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    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-BX-2015-004 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-BX-2015-004. 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-BX-2015-004 and should be 
submitted on or before February 17, 2015.

    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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Brent J. Fields,
Secretary.
[FR Doc. 2015-01250 Filed 1-23-15; 8:45 am]
BILLING CODE 8011-01-P