[Federal Register Volume 76, Number 230 (Wednesday, November 30, 2011)]
[Notices]
[Pages 74068-74069]
[FR Doc No: 2011-30864]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

[Docket No. USCG-2011-1084]

Guidance on Domestic Implementation of International Standards
for Oceangoing Barges Carrying Noxious Liquid Substances

AGENCY: Coast Guard, DHS.

ACTION: Notice of public meeting; request for comments.

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SUMMARY: The Coast Guard announces a public meeting to receive comments
on new policy under consideration that would provide a domestic
equivalency for international standards with respect to U.S. flagged
oceangoing barges carrying noxious liquid substances (NLS).

DATES: A public meeting will be held on Thursday, December 1, 2011 from
2 p.m. to 4 p.m. to provide an opportunity for oral comments. Written
comments and related material may be submitted to Coast Guard personnel
specified at that meeting. Written comments may also be submitted in
response to this notice. The comment period for this notice will close
on December 30, 2011. All written comments and related material
submitted before or after the meeting must either be submitted to our
online docket via http://www.regulations.gov on or before December 30,
2011 or reach the Docket Management Facility by that date.

ADDRESSES: The public meeting will be held at the Ernest N. Morial
Convention Center, Room 205, 900 Convention Center Boulevard, New
Orleans, LA 70130, telephone<PHONE_NUMBER>.
    You may submit written comments identified by docket number USCG-
2011-1084 before or after the meeting using any one of the following
methods:
    (1) Federal eRulemaking Portal: http://www.regulations.gov.
    (2) Fax:<PHONE_NUMBER>.
    (3) Mail: Docket Management Facility (M-30), U.S. Department of
Transportation, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE., Washington, DC 20590-0001.
    (4) Hand delivery: Same as mail address above, between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays. The telephone
number is<PHONE_NUMBER>.
    To avoid duplication, please use only one of these four methods.
Our online docket for this notice is available on the Internet at
http://www.regulations.gov under docket number USCG-2011-1084.

FOR FURTHER INFORMATION CONTACT: If you have questions concerning the
meeting or the new policy under consideration, please call or email LT
Sean Peterson, Commandant (CG-5223), Coast Guard; telephone (202) 372-
1403, email<EMAIL_ADDRESS>If you have questions on viewing
or submitting material to the docket, call Ms. Renee V. Wright, Program
Manager, Docket Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Background and Purpose

    The Coast Guard is considering new policy that would align Coast
Guard guidance with the International Code for the Construction and
Equipment of Ships Carrying Dangerous Chemicals in Bulk (IBC Code) as
it may relate to oceangoing barges carrying NLS.
    The new policy under consideration by the Coast Guard would provide
affected parties with an equivalent

means of compliance with the IBC Code. In crafting this guidance, the
Coast Guard wishes to take into account public concerns and input. In
that regard, this notice specifically requests information and public
comments relating to the following topics:
    1. Regulation 11.3.1 of the IBC Code requiring installation of
fixed deck foam systems for all vessels carrying cargoes with a
flashpoint less than 60 degrees (Celsius).
    2. Secondary venting requirements according to Regulation 8.3 of
the IBC Code.
    3. Any additional comments or concerns regarding the implementation
of the International Convention for the Prevention of Pollution from
Ships (MARPOL) Annex II for oceangoing barges carrying NLS.
    The Coast Guard believes that a public meeting would also benefit
the impacted community by providing an additional forum to raise
relevant issues. This will further enable the Coast Guard to craft
policy that takes into account public concerns.
    You may view the written comments and supporting documents (if any)
in the online docket by going to http://www.regulations.gov. Once
there, select the Advanced Docket Search option on the right side of
the screen, insert USCG-2011-1084 in the Docket ID box, press Enter,
and then click on the item in the Docket ID column. If you do not have
access to the Internet, you may view the docket online by visiting the
Docket Management Facility in Room W12-140 on the ground floor of the
Department of Transportation West Building, 1200 New Jersey Avenue SE.,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays. We have an agreement with the Department of
Transportation to use the Docket Management Facility.
    We encourage you to participate by submitting comments either
orally at the meeting or in writing. If you bring written comments to
the meeting, you may submit them to Coast Guard personnel specified at
the meeting to receive written comments. These comments will be
submitted to our online public docket. All comments received will be
posted without change to http://www.regulations.gov and will include
any personal information you have provided.
    Anyone can search the electronic form of comments received into any
of our dockets by the name of the individual submitting the comment (or
signing the comment, if submitted on behalf of an association,
business, labor union, etc.). You may review a Privacy Act notice
regarding our public dockets in the January 17, 2008, issue of the
Federal Register (73 FR 3316).

Information on Services for Individuals With Disabilities

    For information on facilities or services for individuals with
disabilities or to request special assistance at the public meeting,
contact Lt. Sean Peterson at the telephone number or email address
indicated under the FOR FURTHER INFORMATION CONTACT section of this
notice.

Public Meeting

    The Coast Guard will hold a public meeting regarding new policy
under consideration that would provide a domestic equivalency for
international standards with respect to U.S. flagged oceangoing barges
carrying NLS on Thursday, December 1, 2011 from 2 p.m. to 4 p.m., at
the Ernest N. Morial Convention Center, Room 205, 900 Convention Center
Boulevard, New Orleans, LA 70130, telephone<PHONE_NUMBER>.
    We plan to record this meeting using an audio-digital recorder and
then make that audio recording available through a link in our online
docket. We will also provide a written summary of the meeting and
comments and will place that summary in the docket.

    Dated: November 25, 2011.
F.J. Sturm,
Deputy, Director of Commercial Regulations and Standards, U.S. Coast
Guard.
[FR Doc. 2011-30864 Filed 11-25-11; 4:15 pm]
BILLING CODE 9110-04-P


[Federal Register Volume 81, Number 30 (Tuesday, February 16, 2016)]
[Notices]
[Pages 7853-7856]
[FR Doc No: 2016-02987]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77095; File No. SR-BOX-2016-04]

Self-Regulatory Organizations; BOX Options Exchange LLC; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Rule 7070 (Opening the Market) To Implement a New Price
Protection Feature for the Opening

February 9, 2016.
    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 January 27, 2016, 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 proposes to amend Rule 7070 (Opening the Market) to
implement a new price protection feature for the opening. 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.

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 Exchange proposes to amend Rule 7070 (Opening the Market) to
enhance the price protections available during the opening by providing
a process that helps mitigate the potential risk associated with orders
and quotes trading at prices substantially away from the best available
prices on other exchanges.
Background
    The Exchange currently employs certain protections during opening.
Specifically, from the time that the Trading Host \3\ commences
accepting orders and quotes at the start of the Pre-Opening Phase,\4\
the Trading Host will calculate and provide the Theoretical Opening
Price (``TOP'') for the current resting orders and quotes on the BOX
Book \5\ during the Pre-Opening Phase. The TOP is that price at which
the Opening Match \6\ would occur at the current time, if that time
were the opening, according to the Opening Match procedures described
in Rule 7070(e). The quantity that would trade at this price is also
calculated. The TOP is re-calculated and disseminated every time a new
order or quote is received, modified or cancelled and where such event
causes the TOP price or quantity to change. A TOP can only be
calculated if an opening trade is possible. An opening trade is
possible if: i) the BOX Book is crossed (highest bid is higher than the
lowest offer) or locked (highest bid equals lowest offer), or ii) there
are Market or Market-on-Opening Orders in the BOX Book and at least one
order or quote on the opposite side of the market.
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    \3\ The term ``Trading Host'' means the automated trading system
used by BOX for the trading of options contracts. See Rule
100(a)(66).
    \4\ For some period of time of not less than one hour before the
opening in the underlying security, the Trading Host will accept
orders and quotes. During this period, known as the Pre-Opening
Phase, orders and quotes are placed on the BOX Book but do not
generate trade executions. Complex Orders and contingency orders
(except ``Market-on-Opening'' orders) do not participate in the
opening and are not accepted by the BOX Trading Host during this
Pre-Opening Phase. Price Improvement Period orders and Complex Order
Price Improvement Period orders are not accepted during the Pre-
Opening Phase.
    \5\ The term ``BOX Book'' means the electronic book of orders on
each single option series maintained by the Trading Host. See Rule
100(a)(10).
    \6\ The Opening Match is the process employed by the Exchange to
open a series for trading. See Rule 7070(e).
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    Complex Orders and contingency orders do not participate in the
Opening Match or in the determination of the opening price. The Trading
Host establishes the opening price at the time of the Opening Match.
The opening price is the TOP at the moment of the Opening Match. The
Trading Host will process the series of a class in a random order,
starting promptly after the opening for trading of the underlying
security in the primary market. The TOP/opening price of a series is
the ``market clearing'' price which will leave bids and offers which
cannot trade with each other. In determining the priority of orders to
be filled, the Trading Host gives priority to Market Orders first, then
to Market-on-Opening orders, then to Limit Orders whose price is better
than the opening price, and then to resting orders on the BOX Book at
the opening price.
    The Exchange currently applies a protection mechanism that delays
the opening of trading in the event of unusual quoting activity in a
particular series or class of options. The BOX Trading Host will not
open a series if one of the following conditions is met: (i) A Market
Maker's quote crosses the TOP by more than ``P'' percent plus ``x''
amount \7\ of the theoretical opening price, or (ii) if the sum of the
volume for all of the series within a class exceeds ``y'' series or
``z'' contracts.\8\
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    \7\ The Market Regulation Center (``MRC'') shall distribute what
the appropriate ``P'' percent and ``x'' amount is for each series
via Regulatory Circular.
    \8\ The MRC shall distribute what the appropriate ``y'' series
and ``z'' contracts are for each class via Regulatory Circular.
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Proposal
    The Exchange is now proposing to enhance the opening protections on
the Exchange. Specifically, BOX is proposing to implement a new price
protection feature designed to prevent orders and quotes on the opening
from trading at prices that are away from the best available prices on
other exchanges. The Exchange believes that the below-described
protection feature will enhance the existing functionality and assist
with the maintenance of fair and orderly markets by providing an
automated process that helps mitigate the potential risks associated
with orders and quotes trading at prices that are substantially away
from the best available prices on other exchanges (thereby resulting in
executions at prices that are extreme and potentially erroneous).
    As mentioned above, the Exchange calculates a TOP which is the
price that the Opening Match would occur at the current time, if that
time were the opening. The Exchange is now proposing to enhance the
opening procedures to add a price protection which will validate the
TOP against the best available prices on other exchanges, or if no TOP
can be calculated because an opening trading is not possible, validate
the highest Bid (lowest Ask) Limit Order or quote price against the
best available prices on other exchanges. Specifically, the Exchange
will not open trading if the TOP, or when there is no TOP, the highest
Bid (lowest Ask) Limit Order or quote, is not at a valid price. For
purposes of this rule filing, a valid price is a price that is equal to
or within the High Limit and Low Limit; these Limits give a range of
the acceptable prices that the opening can occur (``Acceptable Price
Range'').\9\ The High Limit is the Away Best Offer (``ABO'') \10\ plus
the Price Collar and the Low Limit

is the Away Best Bid (``ABB'') \11\ minus the Price Collar. If there is
no ABB, the Low Limit is calculated by subtracting the Price Collar
from the ABO. The proposed price protection feature will only apply to
options that are multiply listed; it will not cover options that are
exclusive to the Exchange. This is because the proposed price
protection requires there to be prices available on other exchanges
that can be used to calculate the Acceptable Price Range.
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    \9\ For Limit Orders and quotes when there is no TOP, if the Bid
(Ask) price is equal to or lower than (higher than) the High (Low)
Limit, then the Bid (Ask) price is valid and the series can open.
See Proposed Rule 7070(m)(2).
    \10\ The ``ABO'' is the NBO not including the Exchange's Best
Offer.
    \11\ The ``ABB'' is the NBB not including the Exchange's Best
Bid.
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Price Collar
    The Price Collar is calculated by taking the acceptable number of
ticks \12\ that the order or quote can trade away from the ABBO.\13\
The acceptable number of ticks is then multiplied by the minimum
trading increment \14\ applicable to that series. The acceptable number
of ticks will be determined by the Exchange on an underlying security
basis.\15\ Unless determined otherwise by the Exchange and announced to
Participants via Informational Circular, the acceptable number of ticks
for all option series shall be three (3) ticks. The Price Collar is
designed to give an acceptable range for orders or quotes to execute
based on the best available market prices on other exchanges.
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    \12\ The term ``tick'' refers to one minimum trading increment
for that option series.
    \13\ The ``ABBO'' is the NBBO not including the Exchange's Best
Bid/Offer.
    \14\ See Rule 7050.
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    For example, if the Exchange determines that the acceptable number
of ticks for a series that has a minimum trading increment of a penny
($0.01) is three (3), the Price Collar applicable to that series will
be $0.03 (3 * $0.01). If the series has an ABO of $1.25 and ABB of
$1.20, then the High Limit would be $1.28 and the Low Limit would be
$1.17 giving an Acceptable Price Range of $1.28 to $1.17. If the TOP is
within or equal to the outside limits of the Acceptable Price Range,
the TOP is at a valid price and the Exchange can open the series. If,
however, no TOP is available but there is a Limit Order or quote
present, it will be evaluated. Specifically, if the Bid (Ask) price of
the highest Bid (lowest Ask) Limit Order or quote price is equal to or
lower than (higher than) the High (Low) Limit, then the Bid (Ask) price
is valid and the series can open.\16\
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    \16\ For example, if there is a Limit Order to buy at $1.25 it
would be less than or equal to the High Limit of $1.30, therefore it
would be at a valid price and the Exchange could open the series.
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Dynamic Opening Process
    If the proposed price protection prevents a series from opening,
the Exchange will initiate a dynamic opening iteration process.\17\
Specifically, if the TOP, or if a TOP is not present, the highest Bid
(lowest Ask) Limit Order or quote price, is not at a valid price the
Exchange will initiate the dynamic opening iteration process outlined
below. The Exchange will also initiate the dynamic opening process when
the ABO and ABB prices are crossed or no ABO for the series exists.\18\
This proposed process will reevaluate whether a series can open for
trading whenever there is an update to the TOP, ABO, ABB, or the
highest Bid (lowest Ask) Limit Order or quote price, when applicable.
When an update is received by the Exchange, the Exchange will
reevaluate whether the TOP (or the highest Bid (lowest Ask) Limit
Order/quote price) is now within or equal to the limits of the
Acceptable Price Range. If the ABO and/or the ABB are updated, the
system will recalculate the High Limit and Low Limit and therefore an
updated Acceptable Price Range will be calculated by the system. If the
TOP (or the highest Bid (lowest Ask) Limit Order/quote price) is now
within or equal to the limits of the new Acceptable Price Range, the
system will allow the series to open at the price of the TOP (or the
highest Bid (lowest Ask) Limit Order/quote price). If, instead, the
system receives an update to the TOP or, the highest Bid (lowest Ask)
Limit Order or quote price, when applicable, the system will evaluate
the updated price to determine if it is within or equal to the limits
of the Acceptable Price Range. If the updated price is now within or
equal to the limits of the Acceptable Price Range, the system will
allow the series to open at the updated price. This proposed process
will continue until the TOP (or the highest Bid (lowest Ask) Limit
Order/quote price) is within or equal to the limits of the Acceptable
Price Range, or the Exchange intervenes and manually opens the series.
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    \17\ See proposed Rule 7070(m)(3).
    \18\ See proposed Rule 7070(m)(1)(C).
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    For example, assume again that a series has an ABO of $1.25 and ABB
of $1.20 and a Price Collar of $0.03, thereby giving it an Acceptable
Price Range of $1.28 to $1.17. Assume the TOP is at $1.33 so the system
will not allow the series to open because it is outside of the
Acceptable Price Range. If the system receives an updated ABO of $1.30,
the new High Limit will be $1.33 and the Acceptable Price Range will be
$1.33 to $1.17. The TOP will now be within or equal to the limits of
the Acceptable Price Range so the series can open. If instead of
receiving an update to the ABO, assume the system receives an updated
TOP of $1.25. The new TOP is within the Acceptable Price Range of $1.28
to $1.17 so the series will be allowed to open.
    The Exchange notes that the current protections at the opening will
continue to apply; the proposed opening protections are designed to
enhance the Exchange's current offerings, not replace them.\19\
Additionally, the Exchange may deviate from the proposed price
protections at the open. Specifically, the Exchange can deviate from
the standard manner of the opening procedure when it believes it is
necessary in the interest of a fair and orderly market.\20\
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    \19\ The current protection in Rule 7070(g), that prevents a
series from opening when a Market Maker's quote crosses the TOP by a
certain amount, will occur after the TOP is validated by the
proposed price protection.
    \20\ See Rule 7070(k).
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    The Exchange will provide Participants with notice, via Information
Circular, about the implementation date of the proposed enhancements to
the price protections.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Securities Exchange Act of 1934
(the ``Act''),\21\ in general, and Section 6(b)(5) of the Act,\22\ in
particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, 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, by enhancing the risk protections available to
Participants. In particular, the propose [sic] rule change is
consistent with these requirements in that it will reduce the negative
impacts of sudden, unanticipated volatility in individual options, and
serve to preserve an orderly market in a transparent and uniform
manner, increase overall market confidence, and promote fair and
orderly markets and the protection of investors. Specifically, BOX
believes that the ABBO is a fair representation of then-available
prices at the opening and accordingly the proposal helps to avoid
executions at prices that are significantly worse than the ABBO.
Additionally, the Exchange believes the proposal promotes policy goals
of the Commission which has encouraged execution venues, exchange

and non-exchange alike, to enhance risk protection tools and other
mechanisms to decrease risk and increase stability.
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    \21\ 15 U.S.C. 78f(b).
    \22\ 15 U.S.C. 78f(b)(5).
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    BOX believes the proposed price protection functionality will
remove impediments to and perfect the mechanism of a free and open
market by providing greater control over the prices at which the
opening occurs. Additionally, the Exchange believes that the proposed
protection feature for the opening will enhance the existing
functionality and assist with the maintenance of fair and orderly
markets by providing an automated process that helps mitigate the
potential risks associated with orders and quotes trading at prices
that are substantially away from the best available prices on other
exchanges (thereby resulting in executions at prices that are extreme
and potentially erroneous).

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 Act. BOX believes the proposal will
provide market participants with additional price protection while
submitting orders and quotes to the Exchange. The Exchange does not
believe the proposal will impose a burden on competition among the
options exchanges, because of vigorous competition for order flow among
the options exchanges. The Exchange competes with many other options
exchanges. In this highly competitive market, market participants can
easily and readily direct order flow to competition venues.

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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \23\ and Rule 19b-4(f)(6) thereunder.\24\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
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    \23\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \24\ 17 CFR 240.19b-4(f)(6). 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.
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    A proposed rule change filed under Rule 19b-4(f)(6) \25\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\26\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the Exchange
may implement the proposed price protections as soon as possible, which
will benefit all market participants. In support of its request, the
Exchange states the proposed rule change is designed to prevent
executions on the opening at prices substantially away from the best
prices available on other exchanges. The Commission believes that
waiving the 30-day operative delay is consistent with the protection of
investors and the public interest. Therefore, the Commission hereby
waives the operative delay and designates the proposed rule change
operative upon filing.\27\
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    \25\ 17 CFR 240.19b-4(f)(6).
    \26\ 17 CFR 240.19b-4(f)(6)(iii).
    \27\ For purposes only of waiving the operative date of this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    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. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or 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_ADDRESS>Please include
File Number SR-BOX-2016-04 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-BOX-2016-04. 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-BOX-2016-04 and should be
submitted on or before March 8, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
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    \28\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-02987 Filed 2-12-16; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 231 (Monday, December 2, 2013)]
[Rules and Regulations]
[Page 72004]
[FR Doc No: 2013-28681]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2013-0513; Airspace Docket No. 13-ASO-13]

Amendment of Class E Airspace; Tazewell, TN

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: This action amends Class E Airspace at Tazewell, TN, as new
Standard Instrument Approach Procedures have been developed at New
Tazewell Municipal Airport. This enhances the safety and management of
aircraft operations at the airport.

DATES: Effective 0901 UTC, February 6, 2014. The Director of the
Federal Register approves this incorporation by reference action under
title 1, Code of Federal Regulations, part 51, subject to the annual
revision of FAA Order 7400.9 and publication of conforming amendments.

FOR FURTHER INFORMATION CONTACT: John Fornito, Operations Support
Group, Eastern Service Center, Federal Aviation Administration, P.O.
Box 20636, Atlanta, Georgia 30320; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

History

    On August 7, 2013, the FAA published in the Federal Register a
notice of proposed rulemaking (NPRM) to amend Class E airspace at New
Tazewell Municipal Airport, Tazewell, TN. (78 FR 48078). Interested
parties were invited to participate in this rulemaking effort by
submitting written comments on the proposal to the FAA. No comments
were received.
    Class E airspace designations are published in paragraph 6005 of
FAA Order 7400.9X dated August 7, 2013, and effective September 15,
2013, which is incorporated by reference in 14 CFR 71.1. The Class E
airspace designations listed in this document will be published
subsequently in the Order.

The Rule

    This amendment to Title 14, Code of Federal Regulations (14 CFR)
part 71 amends Class E airspace extending upward from 700 feet above
the surface within a 13.4-mile radius of New Tazewell Municipal
Airport, Tazewell, TN. Airspace reconfiguration is necessary due to the
development of the RNAV (GPS) RWY 7 approach and for continued safety
and management of IFR operations at the airport.
    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current, is
non-controversial and unlikely to result in adverse or negative
comments. It, therefore, (1) is not a ``significant regulatory action''
under Executive Order 12866; (2) is not a ``significant rule'' under
DOT Regulatory Policies and Procedures (44 FR 11034; February 26,
1979); and (3) does not warrant preparation of a Regulatory Evaluation
as the anticipated impact is so minimal. Since this is a routine matter
that only affects air traffic procedures and air navigation, it is
certified that this rule, when promulgated, does not have a significant
economic impact on a substantial number of small entities under the
criteria of the Regulatory Flexibility Act.
    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it amends controlled airspace at New Tazewell Municipal Airport,
Tazewell, TN.

Environmental Review

    The FAA has determined that this action qualifies for categorical
exclusion under the National Environmental Policy Act in accordance
with FAA Order 1050.1E, ``Environmental Impacts: Policies and
Procedures,'' paragraph 311a. This airspace action is not expected to
cause any potentially significant environmental impacts, and no
extraordinary circumstances exist that warrant preparation of an
environmental assessment

Lists of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (Air).

Adoption of the Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends 14 CFR Part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for Part 71 continues to read as follows:

    Authority:  49 U.S.C. 106(g); 40103, 40113, 40120; E.O. 10854,
24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of Federal Aviation
Administration Order 7400.9X, Airspace Designations and Reporting
Points, dated August 7, 2013, effective September 15, 2013, is amended
as follows:

Paragraph 6005 Class E Airspace Areas Extending Upward from 700
feet or More Above the Surface of the Earth.

* * * * *

ASO TN E5 Tazewell, TN [Amended]

New Tazewell Municipal Airport, TN
    (Lat. 36[deg]24'32'' N., long. 83[deg]33'26'' W.)

    That airspace extending upward from 700 feet above the surface
within a 13.4 mile radius of New Tazewell Municipal Airport.

    Issued in College Park, Georgia, on November 20, 2013.
Kip B. Johns,
Manager, Operations Support Group, Eastern Service Center, Air Traffic
Organization.
[FR Doc. 2013-28681 Filed 11-29-13; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 76, Number 120 (Wednesday, June 22, 2011)]
[Notices]
[Pages 36604-36606]
[FR Doc No: 2011-15606]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64692; File No. SR-NYSEArca-2011-37]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending Rules 5.30
and 5.32 To Permit the Exchange To List Flexible Exchange Options on
Index and Equity Securities That Are Eligible for Non-FLEX Options
Trading, and That Have Non-FLEX Options on Such Index and Equity
Securities Listed and Traded on at Least One National Securities
Exchange, Even if the Exchange Does Not List Such Non-FLEX Options

June 16, 2011.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on June 3, 2011, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``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 change from interested persons.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    The Exchange proposes to amend Rules 5.30 and 5.32 to permit the
Exchange to list Flexible Exchange Options (``FLEX Options'') on index
and equity securities that are eligible for Non-FLEX Options trading,
and that have Non-FLEX Options on such index and equity securities
listed and traded on at least one national securities exchange, even if
the Exchange does not list such Non-FLEX Options. The text of the
proposed rule change is available at the Exchange, the Commission's
Public Reference Room, and http://www.nyse.com.

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 those 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 parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange is proposing to amend Rule 5.30 Applicability,
Definitions, and References, and Rule 5.32, Terms of FLEX Options, to
delete obsolete references and to permit trading of FLEX Options series
in securities whose Non-FLEX Options are listed and traded on a
national securities exchange(s), based on a recently adopted rule
change of the Chicago Board Options Exchange (``CBOE'').\4\
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    \4\ See Securities Exchange Act Release No. 60585 (August 28,
2009), 74 FR 46257 (September 8, 2009). Unlike CBOE's rule, we have
clarified that our proposed rule would only permit the trading of
FLEX Options on securities whose Non-Flex Options are listed and
traded on at least one options exchange.
---------------------------------------------------------------------------

    Rules 5.30(a)(1) and 5.32(e)(1) currently permit FLEX Index Options
on only four specific indexes, none of which are currently listed or
traded on the Exchange. In addition, Rule 5.30(a)(2) currently permits
FLEX Options on only one Exchange-Traded Fund Share (``ETF''). The
Commission originally only approved trading of FLEX Options on a
limited number of index products,\5\ prior to approval of generic
listing standards for index options, and the Exchange adopted rule text
in a rule filing that restricted FLEX options to only one ETF, despite
other general rule language in that rule filing that permitted FLEX
options on any ETF.\6\ In 2004, the Exchange had, in fact, deleted the
references to specific indexes and to a specific ETF in the rules noted
above,\7\ but inadvertently reinstated the deleted text in a
contemporaneous filing.\8\ Subsequent listing of options on other index
products did not include updating the relevant rule text in Rules 5.30
or 5.32.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 34364 (July 13,
1994), 59 FR 36813 (July 19, 1994).
    \6\ See Exchange Act Release No. 34-44025 (February 28, 2001),
66 FR 13986 (March 8, 2001). In particular, as part of this rule
filing, the Exchange adopted the following rule text in Rule
8.102(f)(1), ``FLEX Equity Option transactions are limited to
transactions in options on underlying securities or Exchange-Traded
Fund Shares that have been approved by the Exchange in accordance
with Rule 3.6.'' Rule 8.102 was subsequently renumbered as Rule
5.32.
    \7\ See Securities Exchange Act Release No. 49340 (February 27,
2004), 69 FR 10804 (March 8, 2004) (Notice of Filing and Immediate
Effectiveness of PCX-2004-06).
    \8\ See Securities Exchange Act Release No. 49718 (May 17,
2004), 69 FR 29611 (May 24, 2004) (Order Approving PCX-2004-08).
---------------------------------------------------------------------------

    The deletion of the restrictive language in Rules 5.30 and 5.32
will be accompanied by the adoption of new rule text, by which the
Exchange is proposing to adopt a rule change similar to a rule change
recently adopted by the CBOE to allow FLEX Equity Options \9\ on any
security that meets the standards of NYSE Arca Rule 5.3, and that has
Non-FLEX Options on such security listed and traded on at least one
options exchange, regardless of whether the Exchange trades such Non-
FLEX Options.
---------------------------------------------------------------------------

    \9\ The Commission notes that options on ETFs, as discussed
above, are considered FLEX Equity Options under NYSE Arca's rules.
See NYSE Arca Rule 5.30(b)(5).
---------------------------------------------------------------------------

    Similarly, the CBOE rule change also adopted a provision to allow
FLEX Index Options on any index that meets its listing standards. NYSE
Arca proposes to adopt a similar provision that would permit FLEX Index
Options on any index that meets the standards of Rule 5.12 or 5.13, and
that has Non-FLEX Options on such index listed and traded on at least
one options exchange, even if the Exchange does not list and trade such
Non-FLEX Options.
    As an alternative to the over-the-counter marketplace and other
national security exchanges, the Exchange proposes in this rule filing
to increase the spectrum of indexes and equity securities that are
eligible for FLEX Options trading on the Exchange, even if the Exchange
does not list Non-FLEX Options on such indexes or equity securities. In
this regard, the Exchange does not list options on every NMS stock or
index that is eligible for options trading, even if permitted to do so
according to its listing standards, but recognizes that market
participants may want access to options on such indexes and equity
securities, subject to the certainty and safeguards that a regulated
and standardized marketplace provides.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
Section 6(b) of the Act \10\ in general, and furthers the objectives of
Section 6(b)(5) of the Act, in that it is designed to promote just and
equitable principles of trade, remove impediments to and perfect the
mechanisms of a free and open market and a national market system and,
in general, to protect investors and the public interest. The Exchange
believes that its proposal to permit the Exchange to list FLEX Options
on indexes and equity securities that are eligible for

Non-FLEX Options trading and whose Non-FLEX Options are listed and
traded on at least one national securities exchange, even if the
Exchange does not list such Non-FLEX Options, would provide market
participants with additional means to manage their risk exposures and
carry out their investment objectives with listed options. In this
regard, the Exchange's proposal would increase competition in the FLEX
Options market. In addition, the Exchange's proposal is consistent with
investor protection and the public interest in that it is limited to
FLEX Options on securities that would be eligible to have, and in fact
have, Non-FLEX Options listed and traded on them. The criteria for such
underlying securities has been carefully crafted over the years to
ensure that only appropriate securities have standardized options
listed on them (e.g., securities with sufficient trading volume and
shareholders).
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b).
---------------------------------------------------------------------------

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 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

    No written comments were solicited or received with respect to the
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Because the proposed rule change: (i) Does not significantly affect
the protection of investors or the public interest; (ii) does not
impose any significant burden on competition; and (iii) 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 proposed rule change has
become effective pursuant to Section 19(b)(3)(A) of the Act \11\ and
Rule 19b-4(f)(6) thereunder.\12\
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6). Pursuant to Rule 19b-4(f)(6)(iii)
under the Act, the Exchange is required to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and 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.
The Commission notes that the Exchange has satisfied this
requirement.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \13\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \14\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay so
that the Exchange could immediately list FLEX Options on indexes and
equity securities that are eligible for non-FLEX Options trading, and
that have non-FLEX Options on such index and equity securities listed
and traded on at least one national securities exchange, even if the
Exchange does not list non-FLEX Options on such indexes and equity
securities. In support of the waiver, the Exchange believes that its
proposal is consistent with CBOE's rules, which were previously
published for public comment, and would allow the Exchange to
immediately compete with other exchanges for the trading of such FLEX
Options.
---------------------------------------------------------------------------

    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    The Commission believes that waiver of the operative delay is
consistent with the protection of investors and the public interest. In
making this determination, the Commission notes that NYSE Arca's
proposed rule change is substantially similar to CBOE's FLEX rules,
which also permit CBOE to list FLEX options on securities that are
eligible for non-FLEX options trading, even if CBOE does not list non-
FLEX options on such securities.\15\ The Commission notes that the
CBOE's proposal was subject to full notice and comment, and the
Commission received no comments on CBOE's rule proposal. Further, the
Commission notes that NYSE Arca's proposal adds clarification to the
rules, noting expressly that its rules would only permit the trading of
FLEX Options on securities whose non-FLEX Options are listed and traded
on at least one national securities exchange. This provision will help
to ensure that adequate exchange requirements are met for trading these
products and that the FLEX market will provide an alternative to
certain investors that want to customize specified options terms not
available in the standardized market. In addition to the factors noted
above, the Commission also believes that waiver of the operative delay
will allow the NYSE Arca to immediately compete with other exchanges
for the trading of such FLEX options, thereby providing investors
another venue on which to trade these products. For these reasons, the
Commission designates, consistent with the protection of investors and
the public interest, that the proposed rule change become operative
immediately upon filing.\16\
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    \15\ See supra note 4.
    \16\ 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. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend the 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, 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 e-mail to<EMAIL_ADDRESS>Please include
File No. SR-NYSEArca-2011-37 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 No. SR-NYSEArca-2011-37. This file
number should be included on the subject line if e-mail 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 a.m. and 3 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 No. SR-NYSEArca-2011-37 and should be submitted on or before July
13, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-15606 Filed 6-21-11; 8:45 am]
BILLING CODE 8011-01-P