[Federal Register Volume 77, Number 96 (Thursday, May 17, 2012)]
[Notices]
[Pages 29396-29397]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-11924]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66969; File No. 4-546]


Joint Industry Plan; Notice of Filing and Immediate Effectiveness 
of Amendment to the Options Order Protection and Locked/Crossed Market 
Plan To Add the BOX Options Exchange LLC as a Participant

May 11, 2012.
    Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 
1934 (``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given 
that on May 4, 2012, BOX Options Exchange LLC (``BOX Options'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') an amendment to the Options Order Protection and 
Locked/Crossed Market Plan (``Plan'').\3\ The amendment proposes to add 
BOX Options as a Participant \4\ to the Plan. 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. 78k-1(a)(3).
    \2\ 17 CFR 242.608.
    \3\ On July 30, 2009, the Commission approved a national market 
system plan relating to Options Order Protection and Locked/Crossed 
Markets proposed by Chicago Board Options Exchange, Incorporated 
(``CBOE''), International Securities Exchange, LLC (``ISE''), The 
NASDAQ Stock Market LLC (``Nasdaq''), NASDAQ OMX BX, Inc. (``BOX''), 
NASDAQ OMX PHLX, Inc. (``Phlx''), NYSE Amex, LLC (``NYSE Amex''), 
and NYSE Arca, Inc. (``NYSE Arca''). See Securities Exchange Act 
Release No. 60405 (July 30, 2009), 74 FR 39362 (August 6, 2009). See 
also Securities Exchange Act Release Nos. 61546 (February 19, 2010), 
75 FR 8762 (February 25, 2010) (adding BATS Exchange, Inc. 
(``BATS'') as a Participant); 63119 (October 15, 2010), 75 FR 65536 
(October 25, 2010) (adding C2 Options Exchange, Incorporated 
(``C2'') as a Participant).
    \4\ The term ``Participant'' is defined as an Eligible Exchange 
whose participation in the Plan has become effective pursuant to 
Section 3(c) of the Plan.
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I. Description and Purpose of the Amendment

    The current Participants in the Linkage Plan are C2, CBOE, BATS, 
ISE, Nasdaq, BOX, Phlx, NYSE Amex, and NYSE Arca. The proposed 
amendment to the Plan would add BOX Options as a Participant in the 
Plan. BOX Options has submitted a signed copy of the Plan to the 
Commission in accordance with the procedures set forth in the Plan 
regarding new Participants. Section 3(c) of the Plan provides for the 
entry of new Participants to the Plan. Specifically an Eligible 
Exchange \5\ may become a Participant in the Plan by: (i) Executing a 
copy of the Plan, as then in effect; (ii) providing each current 
Participant with a copy of such executed Plan; (iii) effecting an 
amendment to the Plan, as specified in Sections 3(c) and 4(b) of the 
Plan.
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    \5\ Section 2(6) of the Plan defines an ``Eligible Exchange'' as 
a national securities exchange registered with the Commission 
pursuant to Section 6(a) of the Act, 15 U.S.C. 78f(a), that: (a) Is 
a ``Participant Exchange'' in the Options Clearing Corporation 
(``OCC'') (as defined in OCC By-laws, Section VII); (b) is a party 
to the Options Price Reporting Authority (``OPRA'') Plan (as defined 
in the OPRA Plan, Section 1); and (c) if the national securities 
exchange chooses not to become part to this Plan, is a participant 
in another plan approved by the Commission providing for comparable 
Trade-Through and Locked and Crossed Market protection. BOX Options 
has represented that it has met the requirements for being 
considered an Eligible Exchange. See letter from Lisa J. Fall, 
President, BOX Options, to Elizabeth Murphy, Secretary, Commission, 
dated May 3, 2012.
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    Section 4(b) of the Plan puts forth the process by which an 
Eligible Exchange may effect an amendment to the Plan. Specifically, an 
Eligible Exchange must: (a) Execute a copy of the Plan with the only 
change being the addition of the new participant's name in Section 3(a) 
of the Plan; and (b) submit the executed Plan to the Commission. The 
Plan then provides that such an amendment will be effective when the 
amendment is approved by the Commission or otherwise becomes effective 
pursuant to Section 11A of the Act and Rule 608 thereunder.

II. Effectiveness of the Proposed Linkage Plan Amendment

    The foregoing proposed Plan amendment has become effective pursuant 
to Rule 608(b)(3)(iii) of the Act \6\ because it involves solely 
technical or ministerial matters. At any time within sixty days of the 
filing of this amendment, the Commission may summarily abrogate the 
amendment and require that it be refiled pursuant to paragraph (b)(1) 
of Rule 608,\7\ if it appears to the Commission that such

[[Page 29397]]

action is necessary or appropriate in the public interest, for the 
protection of investors or the maintenance of fair and orderly markets, 
to remove impediments to, and perfect the mechanisms of, a national 
market system or otherwise in furtherance of the purposes of the Act.
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    \6\ 17 CFR 242.608(b)(3)(iii).
    \7\ 17 CFR 242.608(b)(1).
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III. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the amendment 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 4-546 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 4-546. 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 BOX Options. 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 4-546 and should be submitted 
on or before June 7, 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)(29).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-11924 Filed 5-16-12; 8:45 am]
BILLING CODE 8011-01-P