Document ID: SEC-2014-0004-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: BOX Options Exchange, LLC
Posted Date: 2014-01-02T05:00Z

[Federal Register Volume 79, Number 1 (Thursday, January 2, 2014)]
[Notices]
[Pages 166-169]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-31370]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71188; File No. SR-BOX-2013-59]

Self-Regulatory Organizations; BOX Options Exchange LLC; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change To 
Amend the Short Term Option Series Program

December 26, 2013.
    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 20, 2013, BOX Options Exchange LLC (the ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I and II below, which Items 
have been prepared by the self-regulatory organization. The Commission 
is publishing this notice to solicit comments on the proposed rule 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 Interpretive Material 5050-6 (``IM-
5050-6'') to BOX Rule 5050 (Series of Options Contracts Open for 
Trading) to expand the Short Term Options Program with respect to non-
index options.\3\ 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.
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    \3\ STOs, also known as ``weekly options'' as well as ``Short 
Term Options'', are series in an options class that are approved for 
listing and trading on the Exchange in which the series are opened 
for trading on any Thursday or Friday that is a business day and 
that expire on the Friday of the next business week. If a Thursday 
or Friday is not a business day, the series may be opened (or shall 
expire) on the first business day immediately prior to that Thursday 
or Friday, respectively. For STO Program rules regarding non-index 
options, see Rule 100(64) and IM-5050-6 to Rule 5050. For STO 
Program rules regarding index options, which are not implicated by 
this proposal, see Rule 6010(n) and IM-6090-1 to Rule 6090.
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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 (Series 
of Options Contracts Open for Trading) to expand the Short Term Options 
Program with respect to non-index options. This is a competitive filing 
that is based on a proposal recently submitted by The International 
Securities Exchange, LLC (``ISE'').\4\
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    \4\ See SR-ISE-2013-69 which is based on the recently approved 
rule filing, SR-Phlx-2013-101. See Securities Exchange Act Release 
No. 71004 (December 6, 2013), 78 FR 75437 (December 11, 2013) (SR-
Phlx-2013-101) (Order Granting Approval of Proposed Rule Change 
Regarding the Short Term Options Program).
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    The Exchange proposes to expand the Short Term Options (``STO'') 
Program for non-index options so that the Exchange may: change the 
current thirty option class limitation to fifty option classes on which 
STOs may be opened; match the parameters for opening initial and 
additional STO strikes to what is permissible per the Options Listing 
Procedures Plan (``OLPP''); \5\ open up to thirty initial STO series 
for each expiration date in an STO class; add an STO strike price 
interval of $2.50 or greater where the strike price is above $150; and 
in general harmonize the different parts of the Program (e.g., initial 
listings and additional series).
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    \5\ The full name of the OLPP (which is applicable to all option 
exchanges) is Plan For The Purpose of Developing and Implementing 
Procedures Designed to Facilitate the Listing and Trading of 
Standardized Options Submitted Pursuant to Section 11A(a)(3)(B) of 
the Securities Exchange Act of 1934. With regard to the listing of 
new series on equity, ETF, or trust issued receipt (``TIRs'') option 
classes, subsection 3.(g)(i) of the OLPP states, in relevant part, 
that the exercise price of each option series listed by an exchange 
that chooses to list a series of options (known as the Series 
Selecting Exchange) shall be fixed at a price per share which is 
reasonably close to the price of the underlying equity security, 
ETF, or TIR at or about the time the Series Selecting Exchange 
determines to list such series. Except as provided in subparagraphs 
(ii) through (iv) of the OLPP, if the price of the underlying 
security is less than or equal to 20, the Series Selecting Exchange 
shall not list new option series with an exercise price more than 
100% above or below the price of the underlying security. If the 
price of the underlying security is greater than $20, the Series 
Selecting Exchange shall not list new option series with an exercise 
price more than 50% above or below the price of the underlying 
security. Subsection 3.(g)(i) of the OLPP indicates that an option 
series price has to be reasonably close to the price of the 
underlying security and must not exceed a maximum of 50% or 100%, 
depending on the price, from the underlying. The Exchange's proposal 
related to non-index options, while conforming to the current 
structure of the Exchange's STO rules, is similar in practical 
effect to the noted OLPP subsection.
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    The STO Program, which was established in 2010,\6\ is codified in 
IM-5050-6 for non-index options including equity, currency, and 
exchange traded fund (``ETF'') options.\7\ These rules currently 
provide that after an option class has been approved for listing and 
trading on the Exchange, the Exchange may open for trading on any 
Thursday or Friday that is a business day series of options on no more 
than thirty option classes that expire on each of the next five 
consecutive Fridays that are business days.\8\ In addition to the 
thirty-option class limitation, there is also a limitation that no more 
than twenty initial series for each expiration date in those classes 
may be opened for trading; provided, however, that the Exchange may 
open up to 10 additional series when the Exchange deems it necessary to 
maintain an orderly market, to meet customer demand or when the market 
price of the underlying security moves substantially from the exercise 
price or prices of the series already opened.\9\
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    \6\ See Securities Exchange Act Release No. 62505 (July 15, 
2010), 75 FR 42792 (July 22, 2010) (SR-BX-2010-047) (Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change to 
Establish a Short Term Option Program).
    \7\ The Exchange does not by this filing propose any changes to 
Interpretive Material, IM-6090-6, to BOX Rule 6090 related to the 
STO Program for index options.
    \8\ The Exchange increased the number of option issues that 
could be opened pursuant to the STO Program in 2012. See Securities 
Exchange Act Release No. 66982 (May 14, 2012), 77 FR 29718 (May 18, 
2012) (SR-BOX-2012-001).
    \9\ See IM-5050-6(b)(3) and (4) to Rule 5050.
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    Furthermore, the strike price of each STO has to be fixed with 
approximately

[[Page 167]]

the same number of strike prices being opened above and below the value 
of the underlying security at about the time that the STOs are 
initially opened for trading on the Exchange, and with strike prices 
being within thirty percent (30%) above or below the closing price of 
the underlying security from the preceding day. In terms of the strike 
price intervals, the STO Program currently allows the interval between 
strike prices on STOs to be (i) $0.50 or greater where the strike price 
is less than $75, and $1 or greater where the strike price is between 
$75 and $150 for all classes that participate in the STO Program; or 
(ii) $0.50 for option classes that trade in one dollar increments, 
i.e., in the Related non-STO,\10\ and are in the STO Program. This 
proposal retains many of the fundamental limitations of the STO Program 
while proposing specific changes as described below.
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    \10\ Related non-STOs are non-STOs that have similar options 
with longer expiration cycles (e.g., monthly Apple (AAPL) options 
would be related non-STOs to weekly AAPL options).
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The Proposal
    First, the Exchange proposes to increase the number of STO classes 
that may be opened after an option class has been approved for listing 
and trading on the Exchange. Specifically, the Exchange proposes in IM-
5050-6(b)(1) that the Exchange may select up to fifty currently listed 
option classes on which STO series may be opened. The Exchange also 
proposes in IM-5050-6(b)(3) that for each option class eligible for 
participation in the STO Program, the Exchange may open up to thirty 
initial STO series for each expiration date in that class. Currently 
BOX rules permit the Exchange to list up to twenty initial series, and 
up to ten additional series, for each option class that participates in 
the STO program.\11\ While BOX may currently list thirty STO series 
total, the Exchange is proposing to increase the number of initial 
series that it may list in order to remain competitive with other 
exchanges. The Exchange will continue to be limited to a total of 
thirty STO series, including both initial and additional series, and is 
proposing amendments to IM-5050-6(b)(4) to reflect the fact that the 
Exchange may only open additional series if it has opened fewer than 
thirty initial series. The Exchange believes that this proposed 
moderate increase in the number of STO classes and initial STO series 
is needed and advisable in light of the demonstrated acceptance and 
popularity of the STO Program among market participants, as discussed 
below. The Exchange notes that BOX's Rules governing the Program are 
written so that the number of classes that may participate are not 
apportioned between equity and index classes. In other words, the class 
limitation is aggregated between equity and index options.
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    \11\ See IM-5050-6(b)(3) and (4) to Rule 5050.
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    Second, the Exchange proposes changes to IM-5050-6(b)(3) and (4) to 
indicate that any initial or additional strike prices listed by the 
Exchange shall be reasonably close to the price of the underlying 
equity security and within the following parameters: (i) if the price 
of the underlying security is less than or equal to $20, strike prices 
shall be not more than one hundred percent (100%) above or below the 
price of the underlying security; and (ii) if the price of the 
underlying security is greater than $20, strike prices shall be not 
more than fifty percent (50%) above or below the price of the 
underlying security.\12\ This proposal is in line with the process for 
adding new series of options found in subsection 3.(g)(i) of the OLPP, 
and harmonizes the STO Program internally by adopting consistent 
parameters for opening STOs and listing additional strike prices. The 
Exchange believes that this proposal is a reasonable and desirable 
enhancement to the STO Program.
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    \12\ The price of the underlying security will be calculated 
commensurate with Rule 5050(b)(1) as amended.
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    Third, the Exchange proposes additional changes to IM-5050-6(b)(4) 
to indicate that if the Exchange has opened less than thirty STO series 
for an STO expiration date, the Exchange may also open additional 
strike prices of STO series that are more than 50% above or below the 
current price of the underlying security if the price is greater than 
$20, provided that demonstrated customer interest exists for such 
series,\13\ as expressed by institutional, corporate or individual 
customers or their brokers. This is done to further conform the 
additional strike price methodology to the proposed listing parameters 
described above, while retaining demonstrated interest language that 
may be useful in unforeseen circumstances. Furthermore, Rule 5050(b)(1) 
currently states that if the price of the underlying security is 
greater than $20, the Exchange shall not list new option series with an 
exercise price more than 50% above or below the price of the underlying 
security. Immediately before this language, the Exchange proposes to 
also add a carve-out that states: ``Except as provided in IM-5050-
6(b)(4) . . .''
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    \13\ Market Makers trading for their own account are not 
considered when determining customer interest.
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    Fourth, the Exchange proposes to simplify the delisting language in 
IM-5050-6(b)(4), by removing the current range methodology that states, 
in part, that the Exchange will delist certain series ``so as to list 
series that are at least 10% but not more than 30% above or below the 
current price of the underlying security.'' \14\ In the event that the 
underlying security has moved such that there are no series that are at 
least 10% above or below the current price of the underlying security, 
the Exchange will continue to delist any series with no open interest 
in both the call and the put series having a: (i) strike higher than 
the highest price with open interest in the put and/or call series for 
a given expiration week; and (ii) strike lower than the lowest strike 
price with open interest in the put and/or the call series for a given 
expiration week.\15\ New series added after delisting will not be 
constrained by the prior range methodology. The Exchange believes that, 
like its other proposals, the delisting proposal will add clarity and 
certainty to the STO process on the Exchange.
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    \14\ Currently, the delisting language states: ``In the event 
that the underlying security has moved such that there are no series 
that are at least 10% above or below the current price of the 
underlying security, BOX will delist any series with no open 
interest in both the call and the put series having a: (i) strike 
higher than the highest strike price with open interest in the put 
and/or call series for a given expiration month; and (ii) strike 
lower than the lowest strike price with open interest in the put 
and/or the call series for a given expiration month, so as to list 
series that are at least 10% but not more than 30% above or below 
the current price of the underlying security. In the event that the 
underlying security has moved such that there are no series that are 
at least 10% above or below the current price of the underlying 
security and all existing series have open interest, BOX may list 
additional series, in excess of the 30 allowed under IM-5050-6(b), 
that are between 10% and 30% above or below the price of the 
underlying security.'' IM-5050-6(b)(4). See Securities Exchange Act 
Release No. 68361 (December 5, 2012), 77 FR 73729 (December 11, 
2012) (SR-BOX-2012-020) (Notice of Filing and Immediate 
Effectiveness of a Proposal to Expand the Short Term Options Series 
Program).
    \15\ The Exchange notes that the delisting language in IM-5050-
6(b)(4) incorrectly refers to expiration months rather than weeks. 
With this filing the Exchange also proposes to clarify that the 
exchange will delist series for given expiration weeks in accordance 
with the criteria discussed in this rule.
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    Fifth, the Exchange proposes to add $2.50 strike price intervals to 
the STO Program. Specifically, the Exchange proposes in IM-5050-6(b)(5) 
to indicate that the interval between strike prices on STOs may be 
$2.50 or greater where the strike price is above $150. This proposed 
change complements the current STO strike price intervals of $0.50 or 
greater where the strike price

[[Page 168]]

is less than $75 (or for STO classes that trade in one dollar 
increments in the Related non-STO), and $1 or greater where the strike 
price is between $75 and $150. The proposed $2.50 strike price interval 
addresses the issue that above a $150 strike price STO strike price 
intervals must generally be an exceedingly wide $5 or greater.\16\
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    \16\ See, e.g., Rule 5050(d).
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    The principal reason for the proposed expansion is market demand 
for additional STO classes and series and a desire to make the STO 
Program more effective. There is continuing strong customer demand for 
having the ability to execute hedging and trading strategies via STOs, 
particularly in the current fast and volatile multi-faceted trading and 
investing environment that extends across numerous markets and 
platforms,\17\ and includes market moving events such as significant 
market volatility, corporate events, or large market, sector, or 
individual issue price swings. The Exchange has been requested by 
traders and other market participants to expand the STO Program to 
allow additional STO offerings and increased efficiency.
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    \17\ These include, without limitation, options, equities, 
futures, derivatives, indexes, ETFs, exchange traded notes, 
currencies, and over the counter instruments.
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    In order that the Exchange not exceed the current thirty option 
class and twenty initial option series restriction, the Exchange has on 
occasion had to turn away STO customers (traders and investors) because 
it could not list, or had to delist, STOs or could not open adequate 
STO series because of restrictions in the STO Program. This has 
negatively impacted investors and traders, particularly retail 
investors, who have continued to request that the Exchange add, or not 
remove, STO classes, or have requested that the Exchange expand the STO 
Program so that additional STO classes and series could be opened that 
would allow the market participants to execute trading and hedging 
strategies. There are, as discussed, substantial benefits to market 
participants having the ability to trade eligible option classes within 
the STO Program. Furthermore, the Exchange supports the objective of 
responding to customer need to enhance successful programs to make them 
more efficient for hedging and trading purposes. The Exchange notes 
that the STO Program has been well-received by market participants, in 
particular by retail investors. The Exchange believes that weekly 
expiration options will continue to grow in importance for all market 
participants, including institutional and retail investors.\18\ The 
proposed revisions to the STO Program will permit the Exchange to meet 
customer demand for weekly expiration options by providing a reasonable 
expansion to the program, and will further allow the Exchange to 
harmonize STO Program rules with the OLPP as well as internally.
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    \18\ The current STO Program, which is similar across all 
options markets that have weeklies programs, is in its current 
formulation one of the more challenging industry-wide listings 
program to administer. Recognizing the importance of the Program, 
the Exchange is seeking to improve the Program for non-index STOs by 
making it more uniform and logical.
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    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 current amendment to the STO Program. The Exchange believes that 
its members will not have a capacity issue as a result of this 
proposal. The Exchange represents that it will monitor the trading 
volume associated with the additional STO classes and series listed as 
a result of this proposal and the effect (if any) of these additional 
STO classes and series on market fragmentation and on the capacity of 
the Exchange's automated systems.
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''),\19\ in general, and Section 6(b)(5) of the Act,\20\ 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. Expanding the classes and additional series that can 
be opened in the STO Program, simplifying the delisting process, and 
allowing $2.50 strike price intervals will result in a continuing 
benefit to investors by giving them more flexibility to closely tailor 
their investment and hedging decisions in greater number of securities. 
In addition, correcting the delisting language, which currently refers 
to ``expiration months'' instead of weeks will clarify the Exchange's 
rules and reduce investor confusion.
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    \19\ 15 U.S.C. 78f(b).
    \20\ 15 U.S.C. 78f(b)(5).
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    The STO Program has been well-received by market participants, and 
in particular by retail investors, and has seen increasing trading 
volume. The Exchange believes that the current proposed revisions to 
the STO Program will permit the Exchange to meet customer demand for 
weekly expiration options by providing a reasonable expansion to the 
program, and will further allow the Exchange to harmonize STO Program 
rules with the OLPP as well as internally to the benefit of investors, 
market participants, and the marketplace.
    With regard to the impact of this proposal on system capacity, the 
Exchange believes that it and OPRA have the necessary systems capacity 
to handle any potential additional traffic associated with this current 
amendment to the STO Program. The Exchange believes that its members 
will not have a capacity issue as a result of this proposal. As 
explained above, this proposal will afford significant benefits to 
market participants, and the market in general, in terms of 
significantly greater flexibility and increases in efficient trading 
and hedging options. It will also allow the Exchange to compete on 
equal footing with STO Programs adopted by other options exchanges, and 
in particular ISE, which has recently adopted substantially similar 
rules to those proposed here.

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 the ISE \21\ which the 
Exchange believes is necessary to permit fair competition among the 
options exchanges with respect to STO Programs. Additionally, 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.
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    \21\ See supra, note 4.

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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 \22\ and Rule 19b-4(f)(6) 
thereunder.\23\
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    \22\ 15 U.S.C. 78s(b)(3)(A).
    \23\ 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.
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    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 
promote fair competition among the exchanges by allowing the Exchange 
to adopt the proposed rule changes contemporaneously with other 
exchanges. The Exchange also stated that the proposal will allow the 
Exchange to offer a more efficient STO Program that is harmonized 
internally and externally with the OLPP, and to meet customer demand 
for a greater number of STO classes and strike price intervals, in the 
same manner as other exchanges. The Commission believes that waiving 
the 30-day operative delay is consistent with the protection of 
investors and the public interest because it will allow the Exchange to 
remain competitive with other exchanges. Therefore, the Commission 
designates the proposed rule change to be operative upon filing.\24\
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    \24\ For 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).
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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-BOX-2013-59 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-BOX-2013-59. 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-2013-59 and should be 
submitted on or before January 23, 2014.
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    \25\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\25\
Lynn Powalski,
Deputy Secretary.
[FR Doc. 2013-31370 Filed 12-31-13; 8:45 am]
BILLING CODE 8011-01-P