[Federal Register Volume 77, Number 84 (Tuesday, May 1, 2012)]
[Notices]
[Pages 25767-25770]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-10463]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66860; File No. SR-CBOE-2012-013]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing of a Proposed Rule Change To Adopt Self-
Trade Prevention Modifiers on the CBOE Stock Exchange

April 25, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on April 12, 2012, the Chicago Board Options Exchange, 
Incorporated (``Exchange'' or ``CBOE'') filed with the Securities and 
Exchange Commission (the ``Commission'') the proposed rule change as 
described in Items I, II, and III below, which Items have been prepared 
by the 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 adopt Self-Trade Prevention modifiers for 
its CBOE Stock Exchange (``CBSX''). 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    CBSX proposes to adopt three forms of Self-Trade Prevention 
modifiers: The Cancel Newest, Cancel Oldest, and Cancel Both Self-Trade 
Prevention modifiers. A CBSX Trader may elect for all of his 
proprietary orders and quotes to be marked with a Self-Trade Prevention 
modifier. If a CBSX Trader makes such an election, any quote or order 
he submits will be prevented from executing against a resting opposite 
side order or quote that is labeled as originating from the same 
associated acronym and trading for the same account (for the purposes 
of this Rule, the ``Same CBSX Trader''). A CBSX Trader may only elect 
for one of the three Self-Trade Prevention options, as the CBSX System 
may only be configured to permit one such election. Such election shall 
apply to all of the CBSX Trader's eligible proprietary orders and 
quotes. As such, Self-Trade Prevention elections cannot be made on a 
per-order, per-quote, or security-by-security basis due to CBSX System 
limitations. Any of the Cancel Newest, Cancel Oldest, or Cancel Both 
Self-Trade Prevention modifiers may be accommodated on the CBSX System.
    The Self-Trade Prevention modifiers only apply to proprietary 
orders and quotes. The purpose of limiting the Self-Trade Prevention 
modifiers to proprietary orders and quotes is to avoid preventing 
agency orders from trading with each other, as agency orders for the 
Same CBSX Trader may actually be for different customers. In 
circumstances in which both the Market-Maker Trade Prevention Order and 
a Self-Trade Prevention Modifier are implicated, the Self-Trade 
Prevention Modifier shall rule and take precedence.

[[Page 25768]]

Cancel Newest
    If a CBSX Trader has made the election for the Cancel Newest Self-
Trade Prevention modifier, any incoming order or quote submitted by 
that CBSX Trader will not execute against opposite side resting 
interest from the Same CBSX Trader. The incoming order or quote (or any 
portion thereof) will be canceled back to the originating CBSX Trader 
if such order or quote cannot trade with another eligible order or 
quote originating from any origin other than the Same CBSX Trader 
(``Another CBSX Trader'') (the incoming order or quote may only trade 
with another eligible order or quote originating from Another CBSX 
Trader if the order or quote originating from Another CBSX Trader is at 
as good a price as the order or quote from the Same CBSX Trader that is 
being ``skipped over''). The resting order or quote from the Same CBSX 
Trader will remain on the book. In the case of an opening or re-
opening, the newer of the two orders or quotes submitted by the Same 
CBSX Trader will be canceled, and the older order or quote will [sic] 
permitted to trade with eligible orders or quotes originating from 
Another CBSX Trader, and any remaining portion thereof will remain in 
the book.

    Cancel Newest Example 1: An order to buy 500 shares @ $20.00 
from a CBSX Trader who has elected for the Cancel Newest Self-Trade 
Prevention modifier rests on the CBSX Book with no resting interest 
behind it. An order to sell 500 shares @ $20.00 comes in from the 
Same CBSX Trader. The incoming sell order for 500 shares @ $20.00 is 
then canceled back to the originating CBSX Trader. The resting buy 
order for 500 shares @ $20.00 remains on the CBSX Book.
    Cancel Newest Example 2: An order to buy 500 shares @ $20.00 
from a CBSX Trader who has elected for the Cancel Newest Self-Trade 
Prevention modifier rests on the CBSX Book with another order to buy 
500 shares @ $20.00 from Another CBSX Trader resting behind it. An 
order to sell 500 shares @ $20.00 comes in from the Same CBSX 
Trader. The incoming sell order for 500 shares @ $20.00 would not 
trade with the order to buy 500 shares @ $20.00 from the Same CBSX 
Trader, but would trade with the order to buy 500 shares @ $20.00 
from the other CBSX Trader resting behind the buy order from the 
Same CBSX Trader. That resting buy order for 500 shares @ $20.00 
from the Same CBSX Trader remains on the CBSX Book.
    Cancel Newest Example 3: An order to buy 500 shares @ $20.00 
from a CBSX Trader who has elected for the Cancel Newest Self-Trade 
Prevention modifier rests on the CBSX Book with another order to buy 
500 shares @ $19.99 from Another CBSX Trader resting behind it. The 
incoming sell market order for 500 shares would not trade with the 
order to buy 500 shares @ $20.00 from the Same CBSX Trader and would 
also not trade with the order to buy 500 shares @ $19.99 from 
Another CBSX Trader resting behind the buy order from the Same CBSX 
Trader. The incoming sell market order for 500 shares is then 
canceled back to the originating CBSX Trader. The resting buy order 
for 500 shares @ $20.00 from the Same CBSX Trader remains on the 
CBSX Book.
    Cancel Newest Example 4: An order to buy 500 shares @ $20.00 
from a CBSX Trader who has elected for the Cancel Newest Self-Trade 
Prevention modifier rests on the CBSX Book with no resting interest 
behind it. An order to sell 700 shares @ $20.00 comes in from the 
Same CBSX Trader. The incoming sell order for 700 shares @ $20.00 is 
then canceled back to the originating CBSX Trader. The resting buy 
order for 500 shares @ $20.00 remains on the CBSX Book.
    Cancel Newest Example 5: An order to buy 500 shares @ $20.00 
from a CBSX Trader who has elected for the Cancel Newest Self-Trade 
Prevention modifier rests on the CBSX Book with no resting interest 
behind it. An order to sell 400 shares @ $20.00 comes in from the 
Same CBSX Trader. The incoming sell order for 400 shares @ $20.00 is 
then canceled back to the originating CBSX Trader. The resting buy 
order for 500 shares @ $20.00 remains on the CBSX Book.
    Cancel Newest Example 6: Upon the opening, a CBSX Trader who has 
elected for the Cancel Newest Self-Trade Prevention modifier submits 
an order to buy 500 shares @ $20.00 and the Same CBSX Trader then 
submits an order to sell 500 shares @ $20.00. The order to sell 500 
shares @ $20.00 would be canceled back to the CBSX Trader (because 
it was the newest), and the order to buy 500 shares @ $20.00 would 
be permitted to trade against any eligible interest other than that 
from the Same CBSX Trader, and then any remaining portion thereof 
would be entered into the CBSX Book.
Cancel Oldest
    If a CBSX Trader has made the election for the Cancel Oldest Self-
Trade Prevention modifier, any incoming order or quote submitted by 
that CBSX Trader will not execute against opposite side resting 
interest from the Same CBSX Trader. When a CBSX Trader submits an 
incoming order or quote that would trade against opposite side resting 
interest from the Same CBSX Trader, that opposite side resting interest 
will be canceled. The incoming order or quote will be eligible to trade 
with another eligible order or quote originating from Another CBSX 
Trader. If any portion of the incoming order or quote does not trade 
with another eligible order or quote originating from Another CBSX 
Trader, it will be entered into the book. In the case of an opening or 
re-opening, the older of the two orders or quotes submitted by the Same 
CBSX Trader will be canceled, and the newer order or quote will be 
permitted to trade with eligible orders or quotes originating from 
Another CBSX Trader, and any remaining portion thereof will be entered 
into the book.

    Cancel Oldest Example 1: An order to buy 500 shares @ $20.00 
from a CBSX Trader who has elected for the Cancel Oldest Self-Trade 
Prevention modifier rests on the CBSX Book with no resting interest 
behind it. An order to sell 500 shares @ $20.00 comes in from the 
Same CBSX Trader. The resting buy order for 500 shares @ $20.00 is 
then canceled back to the originating CBSX Trader. The incoming sell 
order for 500 shares @ $20.00 is entered into the CBSX Book.
    Cancel Oldest Example 2: An order to buy 500 shares @ $20.00 
from a CBSX Trader who has elected for the Cancel Oldest Self-Trade 
Prevention modifier rests on the CBSX Book with another order to buy 
500 shares @ $20.00 from Another CBSX Trader resting behind it. An 
order to sell 500 shares @ $20.00 comes in from the Same CBSX 
Trader. The resting buy order for 500 shares @ $20.00 from the Same 
CBSX Trader is canceled back to the Same CBSX Trader. The incoming 
sell order for 500 shares @ $20.00 would trade with the order to buy 
500 shares @ $20.00 from the other (Another) CBSX Trader resting 
behind the buy order from the Same CBSX Trader.
    Cancel Oldest Example 3: An order to buy 500 shares @ $20.00 
from a CBSX Trader who has elected for the Cancel Oldest Self-Trade 
Prevention modifier rests on the CBSX Book with another order to buy 
500 shares @ $19.99 from Another CBSX Trader resting behind it. A 
market order to sell 500 shares comes in from the Same CBSX Trader. 
The resting buy order for 500 shares @ $20.00 is canceled back to 
the originating CBSX Trader. The incoming sell market order for 500 
shares would trade with the order to buy 500 shares @ $19.99 from 
Another CBSX Trader that had been resting behind the buy order from 
the Same CBSX Trader (since the resting buy order from the Same CBSX 
Trader was canceled).
    Cancel Oldest Example 4: An order to buy 500 shares @ $20.00 
from a CBSX Trader who has elected for the Cancel Oldest Self-Trade 
Prevention modifier rests on the CBSX Book with no resting interest 
behind it. An order to sell 700 shares @ $20.00 comes in from the 
Same CBSX Trader. The resting buy order for 500 shares @ $20.00 is 
canceled back to the originating CBSX Trader. The incoming sell 
order for 700 shares @ $20.00 is entered into the CBSX Book.
    Cancel Oldest Example 5: An order to buy 500 shares @ $20.00 
from a CBSX Trader who has elected for the Cancel Oldest Self-Trade 
Prevention modifier rests on the CBSX Book with no resting interest 
behind it. An order to sell 400 shares @ $20.00 comes in from the 
Same CBSX Trader. The resting buy order for 500 shares @ $20.00 is 
canceled back to the originating CBSX Trader. The incoming sell 
order for 400 shares @ $20.00 is entered into the CBSX Book.
    Cancel Oldest Example 6: Upon the opening, a CBSX Trader who has 
elected for the Cancel Oldest Self-Trade Prevention modifier submits 
an order to buy 500 shares @ $20.00 and the Same CBSX Trader then 
submits an order to sell 500 shares @ $20.00. The order to buy 500 
shares @ $20.00 would be canceled back to the CBSX Trader (because 
it was the oldest), and the order to sell 500 shares @ $20.00 would 
be permitted

[[Page 25769]]

to trade against any eligible interest other than that from the Same 
CBSX Trader, and then any remaining portion thereof would be entered 
into the CBSX Book.
Cancel Both
    If a CBSX Trader has made the election for the Cancel Both Self-
Trade Prevention modifier, any incoming order or quote submitted by 
that CBSX Trader will not execute against opposite side resting 
interest from the Same CBSX Trader. When a CBSX Trader submits an 
incoming order or quote that would trade against opposite side resting 
interest from the Same CBSX Trader, that opposite side resting interest 
will be canceled. The incoming order or quote (or any portion thereof) 
will be canceled back to the Same CBSX Trader if such order or quote 
(or part of such order or quote) cannot trade with another eligible 
order or quote originating from Another CBSX Trader. In the case of an 
opening or re-opening, both of the two orders or quotes will be 
canceled.

    Cancel Both Example 1: An order to buy 500 shares @ $20.00 from 
a CBSX Trader who has elected for the Cancel Both Self-Trade 
Prevention modifier rests on the CBSX Book with no resting interest 
behind it. An order to sell 500 shares @ $20.00 comes in from the 
Same CBSX Trader. Both orders would be canceled back to the CBSX 
Trader.
    Cancel Both Example 2: An order to buy 500 shares @ $20.00 from 
a CBSX Trader who has elected for the Cancel Both Self-Trade 
Prevention modifier rests on the CBSX Book with another order to buy 
500 shares @ $20.00 from another CBSX Trader resting behind it. An 
order to sell 500 shares @ $20.00 comes in from the Same CBSX 
Trader. The resting buy order for 500 shares @ $20.00 from the Same 
CBSX Trader is canceled back to the Same CBSX Trader. The incoming 
sell order for 500 shares @ $20.00 would trade with the order to buy 
500 shares @ $20.00 from Another CBSX Trader that had been resting 
behind the buy order from the Same CBSX Trader.
    Cancel Both Example 3: An order to buy 500 shares @ $20.00 from 
a CBSX Trader who has elected for the Cancel Both Self-Trade 
Prevention modifier rests on the CBSX Book with another order to buy 
500 shares @ $19.99 from Another CBSX Trader resting behind it. A 
market order to sell 500 shares comes in from the Same CBSX Trader. 
The resting buy order for 500 shares @ $20.00 from the Same CBSX 
Trader is canceled back to the Same CBSX Trader. The incoming sell 
market order for 500 shares would trade with the order to buy 500 
shares @ $19.99 from Another CBSX Trader that had been resting 
behind the buy order from the Same CBSX Trader (since the resting 
buy order from the Same CBSX Trader was canceled).
    Cancel Both Example 4: An order to buy 500 shares @ $20.00 from 
a CBSX Trader who has elected for the Cancel Both Self-Trade 
Prevention modifier rests on the CBSX Book with no resting interest 
behind it. An order to sell 700 shares @ $20.00 comes in from the 
Same CBSX Trader. Both orders would be canceled back to the CBSX 
Trader.
    Cancel Both Example 5: An order to buy 500 shares @ $20.00 from 
a CBSX Trader who has elected for the Cancel Both Self-Trade 
Prevention modifier rests on the CBSX Book with no resting interest 
behind it. An order to sell 400 shares @ $20.00 comes in from the 
Same CBSX Trader. Both orders would be canceled back to the CBSX 
Trader.
    Cancel Both Example 6: Upon the opening, a CBSX Trader who has 
elected for the Cancel Both Self-Trade Prevention modifier submits 
an order to buy 500 shares @ $20.00 and the Same CBSX Trader then 
submits an order to sell 500 shares @ $20.00. Both orders would be 
canceled back to the CBSX Trader.

    The Self-Trade Prevention modifiers are designed to prevent a 
market participant from unintentionally causing a proprietary self-
trade. The Exchange believes that the Self-Trade Prevention modifiers 
will allow firms to better manage order flow and prevent undesirable 
executions with themselves or the potential for (or appearance of) 
``wash sales'' that may occur as a result of the velocity of trading in 
today's high-speed marketplace. CBSX Traders may have multiple 
connections into CBSX due to capacity- and speed-related demands. 
Orders routed by the same CBSX Trader via different connections may, in 
certain circumstances, trade against each other. The new Self-Trade 
Prevention modifiers provide CBSX Traders the opportunity to prevent 
these potentially undesirable trades. The Exchange notes that offering 
the Self-Trade Prevention modifiers will streamline certain regulatory 
functions by reducing false positive results that may occur on 
Exchange-generated wash trading surveillance reports when orders are 
executed by the same CBSX Trader. For these reasons, the Exchange 
believes the Self-Trade Prevention modifiers provide market 
participants with enhanced order processing functionality to prevent 
potentially unwanted trades from occurring.
    Orders marked with the Self-Trade Prevention modifiers operate in a 
different fashion during openings and re-openings than during normal 
trading due to CBSX System limitations. Also, because under the 
proposed Self-Trade Prevention modifier rules, orders or quotes skip 
over orders or quotes from the Same CBSX Trader and are given the 
opportunity to trade against eligible orders or quotes with lower 
priority that originate from Another CBSX Trader (provided the prices 
are the same), the Exchange proposes adding an interpretation to Rule 
52.1, the CBSX Matching Algorithm/Priority rule, to provide that in 
instances in which the Self-Trade Prevention modifiers are implicated, 
the Self-Trade Prevention modifier rules will supersede other 
allocation methods only for the purpose of preventing self-trades, as 
described in the proposed Self-Trade Prevention modifier rule. 
Similarly, because CBSX Rule 51.8(t) already provides for a Market-
Maker Self-Trade Prevention Order which, if combined with a Self-Trade 
Prevention modifier, could cause a conflict in order handling, the 
Exchange proposes clarifying that, in circumstances where both the 
Market-Maker Self-Trade Prevention Order and a Self-Trade Prevention 
modifier are implicated, the Self-Trade Prevention modifier shall rule 
and take precedence.
    A number of other exchanges offer modifiers similar to the ones 
proposed here. The Cancel Newest, Cancel Oldest, and Cancel Both Self-
Trade Prevention modifiers are similar to counterpart Anti-
Internalization Qualifier Modifiers offered on EDGA Exchange, Inc. 
(``EDGA'') and EDGX Exchange, Inc. (``EDGX''), Match Trade Prevention 
Modifiers offered on BATS Exchange, Inc. (``BATS'') and BATS-Y 
Exchange, Inc. (``BYX''),\3\ and namesake Self Trade Prevention 
Modifiers offered on NYSE Arca, Inc. (``Arca'') \4\ and National Stock 
Exchange, Inc. (``NSX'').\5\ While the other exchanges' rules apply to 
orders, we determined to apply Self-Trade Prevention modifier rules to 
orders and quotes because the application of the modifier rules to 
quotes as well as orders allows for the modifiers to be used in a more 
complete, comprehensive, and consistent fashion. Some of the other 
exchanges make the Self-Trade Prevention modifiers available on per-
order, per-quote, or per-security bases, and allow for the election of 
more than one Self-Trade Prevention modifier. However, CBSX System 
limitations prevent CBSX from offering such options. Other exchanges 
also do not specify that their modifiers are limited to proprietary 
orders. CBSX believes that it is important to limit the Self-Trade 
Prevention modifiers to proprietary orders and quotes to avoid 
preventing agency orders from trading with each other, as agency orders 
for the Same CBSX Trader may actually be for different customers. 
Finally, other exchanges do not specify how their modifiers work during 
openings and re-openings. CBSX feels that it is important to clarify 
how the Self-Trade Prevention modifiers will work differently during 
openings and re-openings because the CBSX System cannot easily process

[[Page 25770]]

orders marked with the Self-Trade Prevention modifiers in the same 
manner during openings and re-openings as during regular trading.
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    \3\ See EDGA, EDGX, BATS and BYX Rules 11.9(f).
    \4\ See Arca Equities Rule 7.31(qq).
    \5\ See NSX Rule 11.11(c)(1).
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    Once the CBSX System is so enabled to permit the use of the Self-
Trade Prevention modifiers, and such use has been appropriately tested, 
CBSX intends to announce the availability of the Self-Trade Prevention 
modifiers to the CBSX Traders via Regulatory Circular prior to the 
implementation of the Self-Trade Prevention modifiers.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Act,\6\ in general, and furthers the objectives of Section 6(b)(5) of 
the Act \7\ in particular that the rules of an exchange be designed to 
promote just and equitable principles of trade, to prevent fraudulent 
and manipulative acts, to remove impediments to and to perfect the 
mechanism for a free and open market and a national market system, and, 
in general, to protect investors and the public interest. The proposed 
rule change advances these objectives by making available to market 
participants an order and quote modifier that will assist them in 
preventing unwanted executions against themselves. Allowing market 
participants to prevent unwanted executions against themselves removes 
impediments to and perfects the mechanism for a free and open market by 
allowing market participants to better manage order flow and prevent 
the potential for (or appearance of) ``wash sales'' that may occur as a 
result of the velocity of trading in today's high-speed marketplace, 
and by streamlining certain regulatory functions by reducing false 
positive results that may occur on Exchange-generated wash trading 
surveillance reports when orders are executed by the same CBSX Trader.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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    Finally, adding an interpretation to Rule 52.1 to provide that, in 
instances in which the Self-Trade Prevention modifiers are implicated, 
the Self-Trade Prevention modifier rules will supersede other 
allocation methods only for the purposes of preventing self-trades, as 
described in the proposed Self-Trade Prevention modifier rule, and also 
clarifying that, in circumstances where both the Market-Maker Self-
Trade Prevention Order and a Self-Trade Prevention modifier are 
implicated, the Self-Trade Prevention modifier shall rule and take 
precedence, perfects the mechanism for a free and open national market 
system and protects investors and the public interest by removing any 
potential confusion regarding priority and allocation methods.

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.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    A. By order approve or disapprove such proposed rule change, or
    B. Institute proceedings to determine whether the proposed rule 
change should be 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 [email protected]. Please include 
File Number SR-CBOE-2012-013 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-CBOE-2012-013. 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 such 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-2012-013 and should be 
submitted on or before May 22, 2012.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-10463 Filed 4-30-12; 8:45 am]
BILLING CODE 8011-01-P