[Federal Register Volume 79, Number 175 (Wednesday, September 10, 2014)]
[Notices]
[Page 53808]
[FR Doc No: 2014-21520]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72987; File No. SR-NASDAQ-2014-020]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Designation of a Longer Period for Commission Action on
Proceedings To Determine Whether To Approve or Disapprove a Proposed
Rule Change Relating To Listing and Trading of Exchange-Traded Managed
Fund Shares

September 4, 2014.
    On February 26, 2014, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to adopt Nasdaq Rule 5745, which would govern the
listing and trading of Exchange-Traded Managed Fund Shares (``ETMF
Shares''), and to amend related references under Nasdaq Rules 4120,
5615, IM-5615-4, and 5940. The proposed rule change was published for
comment in the Federal Register on March 12, 2014.\3\ The Commission
received four comment letters on the proposal.\4\ On April 23, 2014,
pursuant to Section 19(b)(2) of the Act,\5\ the Commission designated a
longer period within which to either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether to disapprove the proposed rule change.\6\ On June 9,
2014, the Commission instituted proceedings under Section 19(b)(2)(B)
of the Act \7\ to determine whether to approve or disapprove the
proposed rule change.\8\ In response to the Order Instituting
Proceedings, the Commission received one additional comment letter on
the proposal.\9\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 71657 (Mar. 6,
2014), 79 FR 14092.
    \4\ See Letters to the Commission from Christopher Davis,
President, Money Management Institute, dated March 27, 2014; Robert
Tull, President, Robert Tull & Co., dated March 31, 2014; Avi
Nachmany, Co-Founder, Director of Research, E.V.P, Strategic
Insight, dated April 1, 2014; and Eric Noll, President and Chief
Executive Officer, ConvergEx Group, LLC, dated April 1, 2014.
    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities Exchange Act Release No. 72007, 79 FR 24045
(Apr. 29, 2014). The Commission determined that it was appropriate
to designate a longer period within which to take action on the
proposed rule change so that it had sufficient time to consider the
proposed rule change. Accordingly, the Commission designated June
10, 2014 as the date by which it should approve, disapprove, or
institute proceedings to determine whether to disapprove the
proposed rule change.
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 72350, 79 FR 33959
(Jun. 13, 2014) (``Order Instituting Proceedings''). Specifically,
the Commission instituted proceedings to allow for additional
analysis of the proposed rule change's consistency with Section
6(b)(5) of the Act, which requires, among other things, that the
rules of a national securities exchange be ``designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade,'' and ``to protect investors and the
public interest.'' See id.
    \9\ See Letter to the Commission from Thomas E. Faust, Jr.,
Chairman and Chief Executive Officer, Eaton Vance Corporation, dated
July 3, 2014.
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    Section 19(b)(2) of the Act \10\ provides that, after initiating
disapproval proceedings, the Commission shall issue an order approving
or disapproving the proposed rule change not later than 180 days after
the date of publication of notice of filing of the proposed rule
change. The Commission may extend the period for issuing an order
approving or disapproving the proposed rule change, however, by not
more than 60 days if the Commission determines that a longer period is
appropriate and publishes the reasons for such determination. The
proposed rule change was published for notice and comment in the
Federal Register on March 12, 2014.\11\ The 180th day after publication
of the notice of the filing of the proposed rule change in the Federal
Register is September 8, 2014, and the 240th day after publication of
the notice of the filing of the proposed rule change in the Federal
Register is November 7, 2014.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(2).
    \11\ See supra note 3 and accompanying text.
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule change so that it has sufficient time to consider the proposed
rule change, including the matters raised in the comment letters to the
proposed rule change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\12\ designates November 7, 2014 as the date by which the
Commission shall either approve or disapprove the proposed rule change
(File No. SR-NASDAQ-2014-020).
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    \12\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(57).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-21520 Filed 9-9-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 132 (Monday, July 11, 2016)]
[Notices]
[Pages 44859-44860]
[FR Doc No: 2016-16243]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #2

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER10-2265-011; ER12-21-020; ER11-2211-009; ER11-
2209-009; ER11-2210-009; ER11-2207-009; ER11-2206-009; ER13-1150-007;
ER13-1151-007; ER11-2855-020; ER14-1818-011; ER10-2260-007; ER10-2261-
007; ER10-2338-013; ER10-2340-013; ER13-1991-008; ER13-1992-008; ER11-
3727-015; ER10-2262-006; ER11-2062-020; ER11-2508-019; ER11-4307-020;
ER12-1711-015; ER12-261-019; ER10-2264-007; ER10-1581-017; ER10-2354-
009; ER11-2107-011; ER11-2108-011; ER10-2888-020; ER13-1803-011; ER13-
1790-011; ER13-1746-012; ER12-1525-015; ER12-2019-013; ER10-2266-006;
ER12-2398-014; ER11-3459-014; ER11-4308-020; ER11-2805-019; ER11-2856-
020; ER13-2107-010; ER13-2020-010; ER13-2050-010; ER11-2857-020; ER10-
2359-008; ER10-2381-008.
    Applicants: NRG Power Marketing LLC, Agua Caliente Solar, LLC, Alta
Wind I, LLC, Alta Wind II, LLC, Alta Wind III, LLC, Alta Wind IV, LLC,
Alta Wind V, LLC, Alta Wind X, LLC, Alta Wind XI, LLC, Avenal Park LLC,
Boston Energy Trading and Marketing LLC, Cabrillo Power I LLC, Cabrillo
Power II LLC, CP Power Sales Nineteen, L.L.C., CP Power Sales Twenty,
L.L.C., Desert Sunlight 250, LLC, Desert Sunlight 300, LLC, El Segundo
Energy Center LLC, El Segundo Power, LLC, Energy Plus Holdings LLC,
GenOn Energy Management, LLC, Green Mountain Energy Company, High
Plains Ranch II, LLC, Independence Energy Group LLC, Long Beach
Generation LLC, Long Beach Peakers LLC, Midway-Sunset Cogeneration
Company, North Community Turbines LLC, North Wind Turbines LLC, Norwalk
Power LLC, NRG California South LP, NRG Delta LLC, NRG Marsh Landing
LLC, NRG Solar Alpine LLC, NRG Solar Avra Valley LLC, NRG Solar Blythe
LLC, NRG Solar Borrego I LLC, NRG Solar Roadrunner LLC, Reliant Energy
Northeast LLC, RRI Energy Services, LLC, Sand Drag LLC, Solar Partners
I, LLC, Solar Partners II, LLC, Solar Partners VIII, LLC, Sun City
Project LLC, Sunrise Power Company, LLC, Walnut Creek Energy, LLC.
    Description: Updated Market Power Analysis of the Southwest Region
of NRG Power Marketing LLC, et al.
    Filed Date: 6/30/16.
    Accession Number: 20160630-5424.
    Comments Due: 5 p.m. ET 8/29/16.

    Docket Numbers: ER10-2464-011; ER13-1139-016; ER13-1585-010; ER10-
2465-009; ER11-2657-010; ER14-2630-009.
    Applicants: First Wind Energy Marketing, LLC, Imperial Valley Solar
1, LLC, Longfellow Wind, LLC, Milford Wind Corridor Phase I, LLC,
Milford Wind Corridor Phase II, LLC, Regulus Solar, LLC.
    Description: Market Power Update of First Wind Energy Marketing,
LLC, et al.
    Filed Date: 6/30/16.
    Accession Number: 20160630-5418.
    Comments Due: 5 p.m. ET 8/29/16.

    Docket Numbers: ER10-3145-007; ER10-3116-007; ER10-3120-007; ER11-
2036-007; ER13-1544-004; ER16-930-001; ER10-3128-007; ER10-1800-008;
ER10-3136-007; ER11-2701-009; ER10-1728-007.
    Applicants: AES Alamitos, LLC, AES Energy Storage, LLC, AES Laurel
Mountain, LLC, AES Huntington Beach, L.L.C., AES ES Tait, LLC, AES Ohio
Generation, LLC, AES Redondo Beach, L.L.C., Indianapolis Power and
Light Company, Mountain View Power Partners, LLC, Mountain View Power
Partners IV, LLC, The Dayton Power and Light Company.
    Description: Triennial Market Power Analysis for Southwestern
Region of AES MBR Affiliates, et al.
    Filed Date: 6/30/16.
    Accession Number: 20160630-5421.
    Comments Due: 5 p.m. ET 8/29/16.

    Docket Numbers: ER15-1218-004; ER15-2224-003; ER16-1154-003; ER16-
1882-001.
    Applicants: Solar Star California XIII, LLC, Solar Star Colorado
III, LLC, Parrey, LLC, Boulder Solar Power, LLC.
    Description: Notice of Non-Material of Change in Status of Solar
Star California XIII, LLC, et al.
    Filed Date: 6/30/16.
    Accession Number: 20160630-5419.
    Comments Due: 5 p.m. ET 7/21/16.

    Docket Numbers: ER16-2119-000.
    Applicants: Hartree Partners, LP.

    Description: Baseline eTariff Filing: Hartree Partners, LP Baseline
MBR Tariff to be effective 7/31/2016.
    Filed Date: 7/1/16.
    Accession Number: 20160701-5132.
    Comments Due: 5 p.m. ET 7/22/16.

    Docket Numbers: ER16-2120-000.
    Applicants: Southwest Power Pool, Inc.
    Description: Section 205(d) Rate Filing: 3125R2 Basin Electric
Power Cooperative NITSA and NOA to be effective 6/1/2016.
    Filed Date: 7/1/16.
    Accession Number: 20160701-5137.
    Comments Due: 5 p.m. ET 7/22/16.

    Docket Numbers: ER16-2121-000.
    Applicants: Southwest Power Pool, Inc.
    Description: Section 205(d) Rate Filing: 1628R10 Western Farmers
Electric Cooperative NITSA to be effective 6/1/2016.
    Filed Date: 7/1/16.
    Accession Number: 20160701-5138.
    Comments Due: 5 p.m. ET 7/22/16.

    Docket Numbers: ER16-2122-000.
    Applicants: Sunshine Gas Producers, LLC.
    Description: Section 205(d) Rate Filing: Sunshine MBR Revisions to
be effective 7/5/2016.
    Filed Date: 7/1/16.
    Accession Number: 20160701-5141.
    Comments Due: 5 p.m. ET 7/22/16.

    Docket Numbers: ER16-2123-000.
    Applicants: Duke Energy Progress, LLC, Duke Energy Carolinas, LLC.
    Description: Section 205(d) Rate Filing: Loss Factor Filing DEC and
DEP to be effective 8/1/2016.
    Filed Date: 7/1/16.
    Accession Number: 20160701-5143.
    Comments Due: 5 p.m. ET 7/22/16.

    Docket Numbers: ER16-2124-000.
    Applicants: Entergy New Orleans, Inc.
    Description: Section 205(d) Rate Filing: ENO-ELL Wholesale
Distribution Service Agreement to be effective 9/1/2016.
    Filed Date: 7/1/16.
    Accession Number: 20160701-5145.
    Comments Due: 5 p.m. ET 7/22/16.

    Docket Numbers: ER16-2125-000.
    Applicants: Entergy Louisiana, LLC.
    Description: Section 205(d) Rate Filing: ELL-ENO Wholesale
Distribution Service Agreement to be effective 9/1/2016.
    Filed Date: 7/1/16.
    Accession Number: 20160701-5146.
    Comments Due: 5 p.m. ET 7/22/16.

    Docket Numbers: ER16-2126-000.
    Applicants: ISO New England Inc., New England Power Pool
Participants Committee.
    Description: Compliance filing: Revisions to ISO-NE Tariff in
Compliance with Order Issued in EL16-38-000 to be effective 8/30/2016.
    Filed Date: 7/1/16.
    Accession Number: 20160701-5147.
    Comments Due: 5 p.m. ET 7/22/16.

    Docket Numbers: ER16-2127-000.
    Applicants: New York State Electric & Gas Corporation.
    Description: Section 205(d) Rate Filing: Rate Schedule FERC No. 87
Supplement to be effective 9/1/2016.
    Filed Date: 7/1/16.
    Accession Number: 20160701-5189.
    Comments Due: 5 p.m. ET 7/22/16.

    Docket Numbers: ER16-2128-000.
    Applicants: New York State Electric & Gas Corporation.
    Description: Section 205(d) Rate Filing: NYSEG-NYPA Attachment C--
O&M Annual Update to be effective 9/1/2016.
    Filed Date: 7/1/16.
    Accession Number: 20160701-5190.
    Comments Due: 5 p.m. ET 7/22/16.

    Docket Numbers: ER16-2129-000.
    Applicants: Pacific Gas and Electric Company.
    Description: Section 205(d) Rate Filing: Lathrop Irrigation
District EA for 115 kV Interconnection Project to be effective 7/15/
2016.
    Filed Date: 7/1/16.
    Accession Number: 20160701-5277.
    Comments Due: 5 p.m. ET 7/22/16.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: July 1, 2016.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2016-16243 Filed 7-8-16; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 78, Number 183 (Friday, September 20, 2013)]
[Notices]
[Pages 57911-57913]
[FR Doc No: 2013-22880]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70395; File No. SR-BOX-2013-38]

Self-Regulatory Organizations; BOX Options Exchange LLC; Order
Approving a Proposed Rule Change To Modify the Complex Order Filter

September 16, 2013.

I. Introduction

    On July 22, 2013, BOX Options Exchange LLC (the ``Exchange'' or
``BOX'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to modify the Exchange's rules governing the
filtering of inbound Complex Orders. The proposed rule change was
published for comment in the Federal Register on August 5, 2013.\3\ The
Commission received no comments regarding the proposal. This order
approves the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 70063 (July 30,
2013), 78 FR 47463 (``Notice'').
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II. Description of the Proposal

    BOX proposes to amend BOX Rule 7240(b)(3)(iii) to modify the
procedures governing the filtering of inbound Complex Orders. BOX also
proposes to amend BOX Rule 7130(a) to provide that the Exchange's High
Speed Vendor Feed (``HSVF'') is available to market participants and
that Complex Orders exposed during the Complex Order filtering process
are included in the HSVF.

A. Complex Order Filter

    BOX's Complex Order Filter provides a process designed to assure
that each component leg of an inbound Complex Orders is executed at a
price that is equal to or better than the national best bid or offer
(``NBBO'') and BOX best bid or offer (``BBO'') for that series.\4\ BOX
proposes to revise its rules to specifically provide that the Complex
Order Filter operates in a series of

sequential steps, set forth in BOX Rule 7240(b)(3)(iii)(A)-(D), that
result in a Complex Order being fully or partially executed, cancelled,
or entered on the Complex Order Book.\5\
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    \4\ See BOX Rule 7240(b)(3)(iii).
    \5\ See Notice, 78 FR at 47463.
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    Under the first step in the filtering process, a Complex Order with
an execution price that is equal to or better than both the cNBBO and
the cBBO will be executed against existing interest on the BOX Book or
the Complex Order Book.\6\ BOX proposes to revise the rule to indicate
that such Complex Order will be executed ``to the extent possible,'' to
clarify that the Complex Order may receive a partial execution.\7\
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    \6\ See BOX Rule 7240(b)(3)(iii)(A). The cBBO is the best net
bid and offer price for a Complex Order Strategy based on the BBO on
the BOX Book for the individual options components of that Strategy.
The cNBBO is the best net bid and offer price for a Complex Order
Strategy based on the NBBO for the individual options components of
that Strategy. See BOX Rule 7240(a)(1) and (3).
    \7\ See BOX Rule 7240(b)(3)(iii)(A).
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    Under the next step of the current filtering process, a BOX-Top
Complex Order or a Market Complex Order that is executable against the
cNBBO but that is not executable on BOX is exposed on the Complex Order
Book for a period of up to one second.\8\ In contrast, under current
BOX rules, a Limit Complex Order that is executable against the cNBBO
but that is not executable on BOX is not subject to exposure, but
instead is entered on the Complex Order Book.\9\ BOX proposes to amend
its rules to make the exposure period available to Limit Complex
Orders, as well as BOX-Top and Market Complex Orders, with an exposure
price equal to, or better than, the same side cNBBO. If the Complex
Order's exposure price is worse than the same side cNBBO, the Complex
Order will not be exposed and will be cancelled, except that a Limit
Complex Order with an exposure price worse than the same side cNBBO
that does not lock or cross the Complex Order Book will be entered on
the Complex Order Book.\10\
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    \8\ See BOX Rule 7240(b)(3)(iii)(C)(II). In setting the exposure
period, BOX will take into consideration the technological ability
of Participants to respond and similar exposure periods implemented
by BOX and other exchanges. See Notice, 78 FR at 47464. BOX will
notify Participants of the duration of the exposure period, and any
changes to its duration, via regulatory circular. See id.
    \9\ See BOX Rule 7240(b)(3)(iii)(C)(I).
    \10\ See BOX Rule 7240(b)(3)(iii)(B).
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    The revised rule provides that to the extent any inbound Limit,
BOX-Top, or Market Complex Order is not executable as provided in BOX
Rule 7240(b)(3)(iii)(A) (i.e., at a price that is equal to or better
than both the cNBBO and the cBBO), the inbound Complex Order will be
exposed to Participants for a time period established by BOX, not to
exceed one second, if the Complex Order's exposure price would be equal
to, or better than, the same side cNBBO. During the exposure period,
(i) a Limit Complex Order will be exposed at the order's limit price,
or if the limit price is equal to or better than the opposite side
cNBBO, at the opposite side cNBBO; (ii) a BOX-Top Complex Order will be
exposed at the opposite side cNBBO or, if a limit price has been
determined by a partial execution of the order, at the order's limit
price; and (iii) a Market Complex Order will be exposed at the opposite
side cNBBO.\11\
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    \11\ See BOX Rule 7240(b)(3)(iii)(B).
---------------------------------------------------------------------------

    BOX also proposes to allow a Participant to elect not to subject
its Complex Order to the exposure period.\12\ Unless a Participant
specifies that its Complex Order not be exposed, the Complex Order will
be exposed by default.\13\ A Complex Order that is not subject to the
exposure period will be cancelled or submitted to the Complex Order
Book, in accordance with the Participant's instructions.\14\
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    \12\ See BOX Rule 7240(b)(3)(iii)(B).
    \13\ See Notice, 78 FR at 47464.
    \14\ See BOX Rule 7240(b)(3)(iii)(B).
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    Under current BOX rules, any unexecuted quantity of a Complex Order
remaining at the end of the exposure period will be cancelled. BOX
proposes to amend its rules to provide more specificity regarding when
any unexecuted quantity of a Complex Order remaining at the end of the
exposure period will be cancelled. Specifically, such unexecuted
quantity will be cancelled if: (i) The Participant submitting the order
provides instructions to cancel the order at that point; (ii) the
Complex Order is a Market Order; (iii) the Complex Order is a BOX-Top
Order, no part of which has been executed; or (iv) the Complex Order is
a BOX-Top or Limit Order at a limit price that could execute on BOX but
only at a price that is not equal to or better than the opposite side
cNBBO.\15\ Any unexecuted quantity of a Limit or BOX-Top Complex Order
that is not cancelled will be entered on the Complex Order Book at its
limit price.\16\
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    \15\ In addition, a Participant may voluntarily cancel a Complex
Order at any time, including during the exposure period. See Notice,
78 FR at 47464. See also BOX Rule 7240(b)(3)(iii)(C).
    \16\ See BOX Rule 7240(b)(3)(iii)(D).
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B. BOX Rule 7130

    BOX proposes to revise BOX Rule 7130(a) to provide that (i) the
HSVF is made available to market participants, rather than displayed
only to Options Participants; and (ii) Complex Orders exposed during
the Complex Order filtering process are included in the HSVF.

III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities
exchange.\17\ In particular, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\18\ which
requires, among other things, that the rules of a national securities
exchange be designed to prevent fraudulent and manipulative acts and
practices, 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.
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    \17\ In approving the proposal, the Commission has considered
the proposed rule's impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
    \18\ 15 U.S.C. 78f(b)(5).
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    The proposal will expand the availability of the exposure period to
Limit Complex Orders that are executable against the cNBBO but are not
executable on BOX.\19\ Currently, such Limit Complex Orders would be
sent to the BOX Book. The Commission believes that making the exposure
period available to such Limit Complex Orders could benefit investors
by providing additional execution opportunities for such Limit Complex
Orders.\20\
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    \19\ See BOX Rule 7240(b)(3)(iii)(B).
    \20\ A Complex Order with an exposure price worse than the same
side cNBBO will be cancelled, except that a Limit Complex Order with
a price worse than the same side cNBBO that would not lock or cross
the Complex Order Book will be entered on the Complex Order Book.
See BOX Rule 7240(b)(3)(iii)(B).
---------------------------------------------------------------------------

    The proposal also revises the Complex Order filtering process to
allow a Participant to elect not to have its Complex Order subjected to
the exposure period, or to have any unexecuted portion of its order
cancelled at the conclusion of the exposure period.\21\ The Commission
believes that these changes could benefit market participants by
providing them with additional flexibility in determining how their
Complex Orders are processed.
---------------------------------------------------------------------------

    \21\ See BOX Rules 7240(b)(3)(iii)(B) and 7240(b)(3)(iii)(C)(i).
---------------------------------------------------------------------------

    The Commission believes that the new provisions in BOX Rule
7240(b)(3)(iii)(C) setting forth the circumstances in which any
unexecuted quantity of a Complex Order will be

cancelled at the end of the exposure period (in addition to a
cancellation requested by the submitting Participant),\22\ and the
provisions in BOX Rule 7240(b)(3)(iii)(D) indicating that any
unexecuted quantity of a Limit or BOX-Top Order that is not cancelled
will be entered on the Complex Order Book, should benefit market
participants by providing additional transparency regarding the
operation of the Complex Order filtering process.
---------------------------------------------------------------------------

    \22\ See note 15, supra, and accompanying text.
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    As noted above, BOX Rule 7130(a), as amended, indicates that
Complex Orders exposed during the exposure period are included in the
HSVF, and that the HSVF is available to market participants, rather
than only to Options Participants. The Commission notes that BOX Rule
7130(a)(2) currently states that BOX makes the HSVF available to all
market participants at no cost.\23\ The modifications to BOX Rule
7130(a) relating to the HSVF are designed to conform the rule to the
more specific language in BOX Rule 7130(a)(2) \24\ and to provide
additional information regarding the exposure of complex orders under
revised BOX Rule 7240.
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    \23\ See Securities Exchange Act Release No. 68833 (February 5,
2013), 78 FR 9758 (February 11, 2013) (notice of filing and
immediate effectiveness of File No. SR-BOX-2013-04) (making the HSVF
available to all market participants).
    \24\ BOX states that the changes to BOX Rule 7130 are
clarifications of the rule text and do not represent changes to the
operation of the Exchange. See Notice, 78 FR at 47464.
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IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\25\ that the proposed rule change (SR-BOX-2013-38) is approved.
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78s(b)(2).
    \26\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-22880 Filed 9-19-13; 8:45 am]
BILLING CODE 8011-01-P