[Federal Register Volume 77, Number 184 (Friday, September 21, 2012)]
[Notices]
[Pages 58600-58604]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-23288]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67870; File No. SR-BOX-2012-012]
Self-Regulatory Organizations; BOX Options Exchange LLC; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Regarding
Strike Price Intervals in the Short Term Options Program
September 17, 2012.
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 September 11, 2012, 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 is filing with the Commission a proposal to amend Rule
5050 (Series of Options Contracts Open for Trading) and Rule 6090
(Terms of Index Options Contracts) to: modify the Short Term Option
Series Program (``STO Program'' or ``Program'') to indicate that the
interval between strike prices on STOs \3\ shall be $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; indicate that during the
expiration week of a non-STO \4\ that is selected for the STO Program,
the strike price intervals for the non-STO and the STO shall be the
same; and indicate that during the week before the expiration week of
the non-STO, the non-STO shall be opened for trading in STO intervals
in the same manner as the STO. 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\ Short term options are generally known as ``STOs,''
``weeklies,'' or ``weekly options.'' STOs 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. See
Rules 100(a)(64), 6010(n), IM-5050-6 and IM-6090-2.
\4\ A non-STO is an option that is in the same option class as
the STO but has a longer expiration cycle (e.g. a SLV monthly option
as compared to a SLV weekly option).
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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 purpose of this proposed rule change is to indicate in Rule
5050 and Rule 6090 and Interpretive Material thereto, that the interval
between strike prices on STOs shall be $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 (``STO intervals''). The purpose is also to
indicate that during the expiration week of a non-STO that is selected
for the STO Program, the strike price intervals for the non-STO and the
STO shall be the same; and that during the week before the expiration
week of the non-STO, the non-STO shall be opened for trading in STO
intervals in the same manner as the STO. The STO Program is codified in
IM-5050-6 and IM-6090-2.\5\ These provisions state that after an
[[Page 58601]]
option class has been approved for listing and trading on BOX, BOX may
open for trading on any Thursday or Friday that is a business day
series of options on that class that expire on the Friday of the
following business week that is a business day. The Exchange may select
up to thirty currently listed option classes on which Short Term Option
Series may be opened. In addition to the thirty-option class
limitation, there is also a limitation that no more than twenty series
for each expiration date in those classes may be opened for trading.\6\
Furthermore, the strike price of each STO has to be fixed with
approximately the same number of strike prices being opened above and
below the value of the underlying security at about the time that the
short term options 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
respect of the STO Program, the Exchange does not propose any changes
to these additional program limitations; the Exchange proposes only to
specify that STOs can have interval prices of $0.50 and $1.\7\
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\5\ The Exchange adopted the STO Program at its inception in
2012. See Securities Exchange Act Release No. 66871 (April 27,
2012), 77 FR 26323 (May 3, 2012), In the Matter of Application of
BOX Options Exchange LLC for Registration as a National Securities
Exchange Findings, Opinion, and Order of the Commission. The STO
Program was last expanded in May 2012. See Securities Exchange Act
Release No. 66982 (May 14, 2012), 77 FR 29718 (May 18, 2012)(SR-BOX-
2012-001)(order approving the expansion of the STO Program)[sic].
Like BOX, other options exchanges have STO programs. See Securities
Exchange Act Release Nos. 62296 (June 15, 2010), 75 FR 35115 (June
21, 2010)(SR-Phlx-2010-84)(notice of filing and immediate
effectiveness permanently establishing STO Program on the Exchange);
65776 (November 17, 2011), 76 FR 72482 (November 23, 2011)(SR-Phlx-
2011-131)(order approving expansion of STO Program), 59824 (April
27, 2009), 74 FR 20518 (May 4, 2009)(SR-CBOE-2009-018)(approval
order); 62444 (July 2, 2010), 75 FR 39595 (July 9, 2010)(SR-ISE-
2010-72)(notice of filing and immediate effectiveness); 62297 (June
15, 2010), 75 FR 35111 (June 21, 2010)(SR-NASDAQ-2010-073)(notice of
filing and immediate effectiveness); 62369 (June 23, 2010), 75 FR
37868 (June 30, 2010) (SR- NYSEArca-2010-059)(notice of filing and
immediate effectiveness); 62370 (June 23, 2010), 75 FR 37870 (June
30, 2010)(SR-Amex-2010-062)(notice of filing and immediate
effectiveness); 62505 (July 15, 2010), 75 FR 42792 (July 22,
2010)(SR-BX-2010-047)(notice of filing and immediate effectiveness);
and 62597 (July 29, 2010), 75 FR 47335 (August 5, 2010)(SR-BATS-
2010-020)(notice of filing and immediate effectiveness).
\6\ BOX may open up to 10 additional series for each option
class that participates in the Short Term Option Series Program when
deemed 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. Any additional strike prices listed by BOX shall be
within thirty percent (30%) above or below the current price of the
underlying security. BOX may also open additional strike prices of
Short Term Option Series that are more than 30% above or below the
current price of the underlying security provided that demonstrated
customer interest exists for such series, as expressed by
institutional, corporate or individual customers or their brokers.
Market Makers trading for their own account shall not be considered
when determining customer interest under this provision. The opening
of the new Short Term Option Series shall not affect the series of
options of the same class previously opened. See IM-5050-6(d) and
IM-6090-2(d).
\7\ Currently, STOs have the same interval prices as the
relevant non-STOs.
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The principal reason for the proposed interval pricing structure is
market demand for weekly options. There is continuing strong retail
customer demand for having the ability to execute hedging and trading
strategies effectively via STOs,\8\ particularly in the current fast
and volatile multi-faceted trading and investing environment that
extends across numerous markets and platforms.\9\ BOX has observed such
increased demand for STO classes and/or series, particularly when
market moving events such as significant market volatility, corporate
events, or large market, sector, or individual issue price swings have
occurred. The STO Program is one of the most popular and quickly-
expanding options expiration programs.
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\8\ In the last STO Program filing, the Exchange noted that it
was seeking an expansion in the number of STO classes to ensure
consistency and uniformity among the competing options exchanges
that have adopted similar STO Programs and, like the current
proposal, to allow execution of more effective trading and hedging
strategies on the Exchange. See Securities Exchange Act Release No.
66982 (May 14, 2012), 77 FR 29718 (May 18, 2012)(SR-BOX-2012-
001)(order approving expansion of STO Program)[sic].
\9\ These include, without limitation, options, equities,
futures, derivatives, indexes, exchange traded funds (``ETFs''),
exchange traded notes (``ETNs''), currencies, and over-the-counter
instruments.
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In the almost two years since the inception of the STO Program
among the options exchanges, it has steadily expanded to the point that
as of March 20, 2012, STOs represented 9.2% of the total options volume
in the United States.\10\ The STO volumes become even more significant
when the volumes of an STO class are compared to the volumes of the
related non-STO options class. As an example, in May and June of 2012,
there were 915,949 contracts of SPY STOs traded and 4,614,241 contracts
of SPY monthly options traded; and 298,706 contracts of AAPL STOs
traded and 802,499 contracts of AAPL monthly options traded on BOX.
Industry wide, from the 4th quarter of 2010 to the 4th quarter of 2011,
STO volume expanded more than 90%,\11\ and the Exchange believes that
STO volumes will continue to expand throughout 2012. The Exchange
believes that, as such, while STOs are currently one of most popular
(high volume) expiration lengths of options traded on BOX and other
options exchanges, the weekly options will only become more popular as
market participants, particularly retail customers, continue to gain
knowledge about more effective uses of these products for trading and
hedging purposes.
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\10\ The Exchange notes that, in fact, the volume increase in
STOs since their inception less than two years ago greatly exceeds
the volume increase of any other length option (e.g. monthly,
quarterly, or long term) over the same equivalent time period.
\11\ During the same time period, monthly options volume
decreased by 8%.
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Moreover, the Commission has approved the use of $0.50 and $1
strike price intervals on the Exchange as well as in the options
industry, particularly at lower price levels (e.g. below $150).
Numerous options products are listed (and traded) on the Exchange at
$0.50 and $1 strike price intervals. For example, there are a few
individual ETF options listed on BOX at $0.50 strike price
intervals.\12\ There are approximately 58 options listed on BOX at
$0.50 strike price intervals pursuant to the $0.50 Strike Program.\13\
There are approximately 950 options listed on BOX with $1 strike price
intervals; approximately 135 ETF options, and 820 options pursuant to
the $1 Strike Program.\14\ Moreover, the Commission has recently
approved certain products to trade at $0.50 and $1 strike price
intervals on the Chicago Board Options Exchange Incorporated (``CBOE'')
within exactly the same strike price points that are proposed by the
Exchange in this filing, namely $75 and $150.\15\
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\12\ Exchange Rule 5050(d)(4) provides that the interval between
strike prices of series of options on ETFs is permitted to be at
such intervals as may have been established on another options
exchange prior to the initiation of trading on BOX.
\13\ The Exchange notes, however, that the $0.50 Strike Program
has inherent price limitations that make it unsuitable for STO
options.
\14\ Like the $0.50 Strike Program, the $1 Strike Program has
inherent limitations that make it unsuitable for STO options. The
Exchange is not aware of any material market surveillance issues
arising because of the $0.50 or $1 strike price intervals.
\15\ See Securities Exchange Act Release No. 64189 (April 5,
2011), 76 FR 20066 (April 11, 2011)(SR-CBOE-2011-008)(order granting
approval of $0.50 and $1 strike price intervals for certain
volatility options where the strike prices are less than $75 and
between $75 and $150, respectively). In approving the CBOE interval
proposal, the Commission stated that the proposal appears to strike
a reasonable balance between the Exchange's desire to offer a wider
array of investment opportunities and the need to avoid unnecessary
proliferation of options series and the corresponding increase in
quotes and market fragmentation. The Exchange notes that other
options exchanges including NYSE Amex, NYSE Arca, ISE, NOM, and Phlx
have made similar rule changes.
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The Exchange believes that the benefits of the ability to trade
STOs at $0.50 and $1 intervals at lower price levels cannot be
underestimated. The proposed intervals would clearly allow traders and
investors, and in particular public (retail) investors to more
effectively and with greater precision
[[Page 58602]]
consummate trading and hedging strategies on BOX. The Exchange believes
that this precision is increasingly necessary, and in fact crucial, as
traders and investors engage in trading and hedging strategies across
various investment platforms (e.g. equity and ETF, index, derivatives,
futures, foreign currency, and even commodities products); particularly
when many of these platforms enjoy substantially smaller strike price
differentiations (e.g. as low as $.05).\16\
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\16\ As an example, per the CME Web site, strike prices for
options on futures may be at an interval of $.05, $.10, and $.25 per
specified parameters. See http://www.cmegroup.com/trading/equity-index/files/EQUITY_FLEX_Options.pdf (options on S&P 500 and
NASDAQ-100 contracts) and http://www.cmegroup.com/rulebook/files/S_5734_x11-05-18x_Change_in_Listing_Rules_ for_Goldx_Silverx_
Copper_Options.pdf (options on metals contracts).
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Weekly options have characteristics that are attractive for certain
trading and hedging strategies. Thus, weeklies may be attractive for
retail trading strategies that could benefit from the inherent
accelerated time decay of weekly options, such as selling (buying)
vertical or calendar spreads. And weeklies may be particularly
attractive instruments for short-term institutional hedging needs (e.g.
sudden price movements against large option positions during expiration
week; maintenance or adjustment of complex option positions) as well as
for retail hedging needs (e.g. preceding large earnings plays). In
every case, trading and hedging is more effective when it can be
closely tailored.
The Exchange believes the current wider STO price intervals have
negatively impacted investors and traders, particularly retail public
customers, who have on several occasions requested of the Exchange,
finer, narrower STO intervals. The proposal would fix this.
Following are examples of how inadequately narrow STO intervals
negatively impact trading and hedging opportunities.
If an investor needs to purchase an STO call option in CSCO (03/26/
12 closing price $20.84), the current $1 strike interval would offer
less opportunity and choice for an investor seeking to keep cash
expenditures low. For example, an investor wishing to buy an in-the-
money call option for less than a $2.50 investment per call purchase
has only two strike prices that meet his criteria from which to choose:
the 19 strike and the 20 strike. Such call options with five days until
expiration might offer ``ask prices'' (option premiums) of $1.75 and
$.75. However, if CSCO had $0.50 strike prices as proposed, the same
investor would have a selection of March 18.50, 19.00, 19.50, 20.00,
and the 20.50 strike call options that may have options premiums from
approximately $2.25 down to approximately $.25. This expanded range of
strikes, and commensurate option premiums, offers far more choice and a
considerably lower cost of entry to the investor, thereby garnering the
investor more than a 66% options premium savings. Lower intervals
increase effective liquidity by offering investors and traders more
price points at which they may execute trading and hedging
strategies.\17\ This allows investors and traders the ability to more
effectively execute their strategies at lower cost. Clearly, more
efficient pricing is advantageous to all market participants, from
retail to institutional investors.
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\17\ Moreover, lower strike intervals provide additional price
points for liquidity providers. This allows the liquidity providers
to improve theoretical pricing as well as hedging capabilities,
thereby enabling them to increase the size and quality of their
markets.
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If, on the put side, an investor is interested in purchasing an STO
option in LNKD (03/26/12 closing price $101.38), the current strike
interval rules similarly offer less opportunity and less choice for the
investor seeking to keep cash expenditures low. For example, an
investor wishing to buy an in-the-money put option for less than a
$5.00 investment per put purchase has only one strike price that meets
his criteria from which to choose: the 105 strike. This put option with
five days until expiration may have an option premium of $5.00.
However, if LNKD had $1 strike intervals as proposed, the investor
would have a selection of March 105, 104, 103, 102, and 101 strike put
options that may have options premiums from approximately $5 down to
$2. This greatly expanded range of strikes allows the investor more
choice and lower cost of entry, and may save the investor as much as
60% in options premium payout.\18\
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\18\ This premium savings may be very significant for an
investor that is buying a large number of option contracts. See
supra note 14 and related text.
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And as yet another example, if an investor is interested in
purchasing a complex option spread, narrow strike intervals would offer
additional cost savings and choice. With the 105 LNKD puts trading at
$5.00, as stated in the example above, the next strike available to
offset the cost of the 105 strike would be the 100 puts trading at an
approximately $1.50 premium. With the current intervals, this would
result in a 105-100 put spread costing approximately $3.50. However, if
strike prices were available in $1 increments, various cheaper spreads
could be obtained within the same 105-100 range of strikes. In that
each $1 incremented put spread might trade at approximately $.30 to
$.80 within this strike range, it is easy to see that $1 strikes as
proposed may result in significant savings for investors trying to
execute complex strategies.
Furthermore, the inadequate price intervals for STOs, particularly
at the lower price levels proposed by the Exchange, may discourage
retail and other customers from executing STO orders when they could be
the most advantageous for effective execution of trading and hedging
strategies on regulated and transparent exchanges. The Exchange feels
that it is essential that such negative, potentially costly and time-
consuming impacts on retail investors are eliminated by offering
tighter intervals within the STO Program. The changes proposed by the
Exchange should allow execution of more trading and hedging strategies
on BOX.\19\
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\19\ In addition, there is a competitive impact. First, the
proposal would enable BOX to provide market participants with an
opportunity to execute their strategies (e.g. complex option
spreads) wholly on their preferred market, namely BOX. Second, the
proposal would diminish the potential for foregone market
opportunities on BOX caused by the need to use a more advantageous
(that is, interval-precise) platform than STOs currently allow.
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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 the potential additional traffic associated with
trading in the Program at $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. The Exchange believes that BOX Options Participants will not
have a capacity issue as a result of this proposal.
The Exchange also proposes language designed to enable a non-STO
option class (e.g. monthly option) that is selected for the STO to
behave like the STO during the expiration week of the related non-
STO.\20\ Specifically, the Exchange proposes that notwithstanding any
other provision regarding strike prices in the applicable rule (Rule
5050 for non-index options or Rule 6090 for index options), during the
expiration
[[Page 58603]]
week of a non-STO that is selected for an STO, the strike price
intervals for the non-STO shall be the same as the strike price
intervals permitted for the STO. Thus, during the non-STO expiration
week, the strike price intervals for the non-STO shall be $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. The Exchange also proposes
that notwithstanding any other provision regarding strike prices in the
applicable rule (Rule 5050 or Rule 6090), during the week before the
expiration week of a non-STO that is selected for an STO, the BOX shall
open the non-STO for trading in $0.50 and $1 strike price intervals in
the same manner as permitted for STOs. Thus, a non-STO may be opened in
STO intervals on a Thursday or Friday that is business day before the
STO expiration week.\21\ If BOX is not open for business on the
respective Thursday or Friday, however, the non-STO may be opened in
STO intervals on the first business day immediately prior to that
respective Thursday or Friday.\22\
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\20\ The Exchange notes that STOs are not listed and traded
during the expiration week of the related non-STOs, which is
generally the third week in the month. During this week, those that
want or need weekly options must buy (sell) the related non-STOs.
The proposal would allow traders and hedgers to have the same
benefits during each week in a month, including the one week when
STOs are not listed and traded.
\21\ The proposed opening timing is consistent with the
principle that BOX may add a new series of options until five
business days prior to expiration. See Rule 5050 and Rule 6090.
\22\ The STO opening process is set forth in IM-5050-6 and IM-
6090-2: After an option class has been approved for listing and
trading on BOX, BOX may open for trading on any Thursday or Friday
that is a business day (``Short Term Option Opening Date'') series
of options on that class that expire on the Friday of the following
business week that is a business day (``Short Term Option Expiration
Date''). If BOX is not open for business on the respective Thursday
or Friday, the Short Term Option Opening Date will be the first
business day immediately prior to that respective Thursday or
Friday. Similarly, if BOX is not open for business on the Friday of
the following business week, the Short Term Option Expiration Date
will be the first business day immediately prior to that Friday.
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These changes are proposed to ensure conformity between STOs and
non-STOs that are in the same options class (e.g. weekly and monthly
SPY options). The Exchange believes that, as discussed, these changes
are necessary to give investors and traders the ability to maximize
trading and hedging opportunities while minimizing costs; and that a
lack of such conforming changes would be counter-productive for market
participants.
The Exchange believes that the STO Program has provided investors
with greater trading opportunities and flexibility and the ability to
more closely tailor their investment and risk management strategies and
decisions. Furthermore, BOX has had to reject trading requests because
of the limitations imposed by the Program. For these reasons, the
Exchange requests an expansion of the strike price intervals in the
Program, as well as conformity of the relevant non-STO process, to
provide investors with better weekly option choices for investment,
trading, and risk management purposes.
Finally, the Exchange proposes a technical, non-substantive change
to Rule 5050(a) to correct cross references to the Interpretive
Material for the Quarterly Options Series Program and Short Term Option
Series Program which are codified in IM-5050-4 and IM-5050-6,
respectively.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act of 1934 \23\ (the ``Act'') in
general, and furthers the objectives of Section 6(b)(5) of the Act \24\
in particular, in that it is designed to promote just and equitable
principles of trade, 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. This will be effectuated
by the following rule changes: STO strike price intervals of $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; during the expiration week of
the non-STO, the strike price intervals for the non-STO will be the
same as for the STO; and during the week before the non-STO expiration
week, the timing for opening the non-STO in STO strike price intervals
will be the same as for the STO. The Exchange believes that the
proposed changes will result in a continuing benefit to investors by
giving them more flexibility to closely tailor their investment and
hedging decisions, while ensuring conformity between STOs and related
non-STOs.
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\23\ 15 U.S.C. 78f(b).
\24\ 15 U.S.C. 78f(b)(5).
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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 Exchange Act. To the contrary, the
Exchange believes the proposal is pro-competitive. First, the proposal
would enable the Exchange to provide market participants with an
opportunity to execute their strategies wholly on their preferred
market, namely BOX. And second, the proposal would diminish the
potential for foregone market opportunities on BOX caused by the need
to use a more advantageous (that is, interval-precise) platform than
STOs currently allow.
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
The proposed rule change is filed pursuant to paragraph (A) of
section 19(b)(3) of the Exchange Act \25\ and Rule 19b-4(f)(6)
thereunder.\26\ The proposed rule change does not significantly affect
the protection of investors or the public interest, does not impose any
significant burden on competition, and, by its terms, does not become
operative for 30 days after the date of the filing, or such shorter
time as the Commission may designate if consistent with the protection
of investors and the public interest. The Exchange asked the Commission
to waive the 30-day operative delay period for non-controversial
proposed rule changes to allow the proposed rule change to be operative
upon filing.\27\ The Commission believes such waiver is in the interest
of investors because the proposed rule change presents no novel issues,
and waiver will allow the Exchange to remain competitive with other
exchanges. Therefore, the Commission grants such waiver and designates
the proposal operative upon filing.\28\
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\25\ 15 U.S.C. 78s(b)(3)(A).
\26\ 17 CFR 240.19b-4(f)(6).
\27\ 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.
\28\ For purposes only of waiving the 30-day operative delay,
the Commission has 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.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing,
[[Page 58604]]
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-BOX-2012-012 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-2012-012. 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, on business days between the hours
of 10 a.m. and 3 p.m., located at 100 F Street NE., Washington, DC
20549. 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-BOX-2012-012 and
should be submitted on or before October 12, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
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\29\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary .
[FR Doc. 2012-23288 Filed 9-20-12; 8:45 am]
BILLING CODE 8011-01-P