[Federal Register Volume 77, Number 102 (Friday, May 25, 2012)]
[Notices]
[Pages 31418-31420]
[FR Doc No: 2012-12719]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67023; File No. SR-C2-2012-013]

Self-Regulatory Organizations; C2 Options Exchange, Incorporated;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Amend Its Fees Schedule

May 18, 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 May 14, 2012, C2 Options Exchange, Incorporated (the
``Exchange'' or ``C2'') 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 amend its Fees Schedule. The text of the
proposed rule change is available on the Exchange's Web site (http://www.c2exchange.com/Legal/), 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    On September 2, 2011, the Commission approved a proposed rule
change filed by the Exchange to permit on a pilot basis the listing and
trading on C2 of Standard & Poor's 500 Index (``S&P 500'') options with
third-Friday-of-the-month (``Expiration Friday'') expiration dates for
which the exercise settlement value will be based on the index value
derived from the closing prices of component securities (``SPXPM'').\3\
On September 28, 2011, the Exchange filed an immediately-effective rule
change to adopt fees associated with the anticipated trading of SPXPM
(the ``Initial SPXPM Fees Filing'').\4\ In the Initial SPXPM Fees
Filing, the Exchange adopted an SPXPM Tier Appointment Fee of $4,000
which would be charged to any Market-Maker Permit holder that has an
appointment (registration) in SPXPM at any time during a calendar
month, but the Exchange also waived that fee through November 30, 2011.
On November 23, the Exchange extended that waiver through December 31,
2011.\5\ The Exchange then extended that waiver once again through
February 29, 2012 \6\ and May 31, 2012.\7\ The Exchange hereby proposes
continuing that waiver for three months through August 31, 2012. The
purpose of this waiver extension is to allow more time for the SPXPM
market to develop and allow and encourage Market-Makers to join in and
elect for an SPXPM Tier Appointment.
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    \3\ See Securities Exchange Act Release No. 34-65256 (September
2, 2011), 76 FR 55969 (September 9, 2011) (SR-C2-2011-008).
    \4\ See Securities Exchange Act Release No. 34-65471 (October 3,
2011), 76 FR 62491 (October 7, 2011) (SR-C2-2011-026).
    \5\ See Securities Exchange Act Release No. 34-65874 (December
2, 2011), 76 FR 76785 (December 8, 2011) (SR-C2-2011-037).
    \6\ See Securities Exchange Act Release No. 34-66140 (January
12, 2012), 77 FR 2772 (January 19, 2012) (SR-C2-2012-002).
    \7\ See Securities Exchange Act Release No. 34-66472 (February
27, 2012), 77 FR 12898 (March 2, 2012) (SR-C2-2012-008).
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    The proposed rule change is to take effect on June 1, 2012.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Act,\8\ in general, and furthers the objectives of Section 6(b)(4) \9\
of the Act in particular, in that it is designed to provide for the
equitable allocation of reasonable dues, fees, and other charges among
C2 Trading Permit Holders and other persons using Exchange facilities.
Continuing the waiver of the SPXPM Tier Appointment Fee is reasonable
because it will allow Market-Makers with an SPXPM Tier Appointment to
avoid paying the Tier Appointment Fee for another 3-month period, and
is equitable and not unfairly discriminatory because all Market-Makers
with an SPXPM Tier Appointment will be able to avoid paying the SPXPM
Tier Appointment Fee through August 31, 2012.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    C2 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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) \10\ of the Act and paragraph (f) of Rule 19b-4 \11\
thereunder. 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.
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    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f).
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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_ADDRESS>Please include
File Number SR-C2-2012-013 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-C2-2012-013. 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 will also 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 No. SR-C2-2012-013 and should be submitted on or before June 15,
2012.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-12719 Filed 5-24-12; 8:45 am]
BILLING CODE 8011-01-P