
[Federal Register Volume 77, Number 15 (Tuesday, January 24, 2012)]
[Notices]
[Pages 3527-3531]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-1287]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66177; File No. SR-CHX-2012-02]


Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; 
Notice of Filing of Proposed Rule Change To Add to and Amend Its Rules 
Regarding the Obligations of Institutional Brokers Registered With the 
Exchange

January 18, 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 January 6, 2012, the Chicago Stock Exchange, Inc. (``CHX'' or 
the ``Exchange'') 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    CHX proposes to amend Interpretation and Policy .02 to Article 17, 
Rule 1 regarding the registration of Institutional Brokers, amend 
Article 17, Rule 3 regarding the obligations of Institutional Brokers, 
add Article 17, Rule 6 regarding information barrier procedures between 
Institutional Broker and non-Institutional Broker units of the same 
broker-dealer and make various typographical and clarifying changes 
throughout its rules. The text of this proposed rule change is 
available on the Exchange's Web site at (www.chx.com) and in 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 CHX included statements 
concerning the purpose of and basis for the proposed rule changes and 
discussed any comments it received regarding the proposal. The text of 
these statements may be examined at the places specified in Item IV 
below. The CHX 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 is proposing various rule amendments and additions to 
permit broker-dealers registered as Institutional Brokers with the CHX 
to operate a non-Institutional Broker unit within the same Participant 
Firm. The Exchange proposes to amend Interpretation and Policy .02 to 
Article 17, Rule 1 (Registration and Appointment of Institutional 
Brokers) to clarify that an Institutional Broker Representative 
(``IBR'') shall be considered those individual persons who accept 
orders, enter bids and offers and execute transactions on behalf of an 
Institutional Broker and are registered with the Exchange as an IBR. 
Subject to compliance with proposed new Rule 6 of Article 17, the 
amended Interpretation and Policy provides that the responsibilities 
and duties of Institutional Brokers as provided for in Article 17, Rule 
3 (Obligations), Article 21, Rule 6 (Submission of Clearing Information 
for Transactions Executed Off-Exchange) and Article 9, Rule 14 
(Reporting Riskless Principal Transactions) would be limited to the 
activities of individuals designated as an IBR of firms registered as 
Institutional Brokers, and clerks assigned thereto. The amended 
interpretation would specify that only registered IBRs may act on 
behalf of Institutional Brokers in making clearing submissions pursuant 
to Article 21, Rule 6, submitting Benchmark orders to the Exchange 
pursuant to Article 20, Rule 4.b.(2), or entering Riskless Principal 
trading reports pursuant to Article 9, Rule 14. The Exchange seeks to 
amend Article 17, Rule 3(e) to clarify the recordkeeping obligations 
owed by Institutional Brokers. The Exchange proposes to add Article 17, 
Rule 6 creating requirements for information barrier procedures between 
Institutional

[[Page 3528]]

Broker and non-Institutional Broker units of the same broker-dealer. 
Finally, the Exchange seeks to make typographical and ministerial 
changes throughout its rules regarding various references to 
Institutional Brokers.
    Institutional Brokers are an elective sub-category of Exchange 
Participants requiring registration with the Exchange. Registration as 
an Institutional Broker is limited to Participant Firms, and is not 
available to individual persons.\3\ Currently, each individual person 
authorized to enter bids and offers and execute transactions on behalf 
of an Institutional Broker is considered an IBR and must be registered 
with the Exchange as provided in Article 6. Institutional Brokers were 
formerly regarded as operating on the facilities of the Exchange. This 
view was a carryover from the Exchange's former floor-based, auction 
trading model pursuant to which such firms were registered as floor 
brokers.\4\ Moreover, the Exchange formerly offered a trade reporting 
functionality to Institutional Brokers which permitted them to execute 
trades outside the Matching System and still be considered as executed 
on the Exchange. With the elimination of that functionality in December 
2010, there was no longer any compelling rationale to regard 
Institutional Brokers as operating on the Exchange.\5\ Subsequently, 
the Exchange adopted an Interpretation and Policy providing that 
Institutional Brokers were no longer considered to be operating on the 
Exchange.\6\
---------------------------------------------------------------------------

    \3\ Article 17, Rule 1, Interpretation and Policy .02.
    \4\ The Exchange replaced its traditional auction marketplace 
with its New Trading Model beginning in late 2006. See Securities 
Exchange Act Rel. No. 54550 (Sept. 29, 2006), 71 FR 59563 (Oct. 10, 
2006) (SR-CHX-2006-05).
    \5\ See Securities Exchange Act Rel. No. 63564 (Dec. 16, 2010), 
75 FR 80870 (Dec. 23, 2010) (SR-CHX-2010-25).
    \6\ See Securities Exchange Act Rel. No. 65633 (Oct. 26, 2011), 
76 FR 67509 (Nov. 1, 2011) (SR-CHX-2011-29).
---------------------------------------------------------------------------

    Given this change in the status of Institutional Brokers, the 
Exchange believes that some existing and potential Institutional 
Brokers may wish to engage in other business activities beyond that 
handled by IBRs, such as over-the-counter (``OTC'') market making. The 
intent of this proposal is to afford such firms the ability to engage 
in non-Institutional Broker activities, while ensuring that their 
activities as an Institutional Broker are appropriately governed by CHX 
rules.\7\
---------------------------------------------------------------------------

    \7\ The OTC market making activity of such firms would 
presumably be subject to existing FINRA rules applicable to such 
activity.
---------------------------------------------------------------------------

    The Exchange proposes to modify the provisions of Interpretation 
and Policy .02 to Article 17, Rule 1 to define an IBR as an individual 
person affiliated with an Institutional Broker who is authorized to 
accept orders, enter bids and offers and execute transactions on behalf 
of an Institutional Broker and who has registered with the Exchange as 
an IBR as provided in Article 6.\8\ The Exchange also proposes to add a 
definition of IBR to Article 1, Rule 1 (Definitions) for the sake of 
clarity. The Exchange further proposes to add language to the 
definition of ``Participant'' in Article 1, Rule 1(s) to facilitate and 
account for the limitation of the obligations of Institutional Brokers 
to the activities of the newly-defined IBRs. Only registered IBRs are 
permitted to use Exchange systems provided for Institutional Brokers 
for handling orders and reporting transactions.\9\ The Exchange 
proposes to add text in Article 17, Rule 2 designed to clarify that 
only Participants Firms are eligible to register as Institutional 
Brokers.
---------------------------------------------------------------------------

    \8\ Among other things, all applicants seeking to register as 
Institutional Broker Representatives must successfully complete an 
Institutional Broker exam. Article 6, Rule 3, Interpretation and 
Policy .01(a).
    \9\ The Exchange provides the Brokerplex[supreg] trading system 
for use by IBRs in conducting their business. Brokerplex is an order 
and trade entry, recordation and management system developed and 
operated by the CHX for use by IBRs to receive, transmit and hold 
orders from their clients while seeking execution within the CHX 
Matching System or elsewhere in the National Market System. 
Brokerplex can be used to record trade executions and send 
transaction reports to a Trade Reporting Facility (``TRF''), as 
defined in FINRA Rules 6300 et seq., as amended from time-to-time. 
Brokerplex can also be used by Institutional Brokers to initiate 
clearing submissions to a Qualified Clearing Agency via the 
Exchange's reporting systems. See Article 21, Rule 6 (Submission of 
Clearing Information for Transactions Executed Off-Exchange). The 
Exchange currently restricts Brokerplex use to registered IBRs and 
would continue to do so.
---------------------------------------------------------------------------

    Through this proposal, the Exchange proposes to amend its rules to 
clarify that certain enumerated obligations of Institutional Brokers 
should be restricted to the activities of IBRs. The responsibilities 
and duties as provided for in Article 17, Rule 3 (Obligations), Article 
21, Rule 6 (Submission of Clearing Information for Transactions 
Executed Off-Exchange) and Article 9, Rule 14 (Reporting Riskless 
Principal Transactions) would apply to the activities of those 
individuals registered with the Exchange as IBRs, and clerks 
thereto.\10\ Only registered IBRs (and their clerks) would be permitted 
to act on behalf of Institutional Brokers in making clearing 
submissions pursuant to Article 21, Rule 6, submitting Benchmark orders 
pursuant to Article 20, Rule 4.b.(2) or entering Riskless Principal 
trading reports pursuant to Article 9, Rule 14.
---------------------------------------------------------------------------

    \10\ Article 17, Rule 3 sets forth the substantive obligations 
owed by Institutional Brokers registered with the Exchange pursuant 
to Article 17, Rule 1. These obligations include the entry of orders 
into an automated system, handling of orders within an integrated 
system, maintenance of specific trading accounts, certain defined 
obligations in handling and executing orders, and maintenance of 
certain records. Article 21, Rule 6 authorizes Institutional Brokers 
to make clearing submissions into the Exchange's systems for certain 
non-CHX trades. Article 9, Rule 14 specifies the manner in which 
Participants may report riskless principal transactions to the 
Exchange.
---------------------------------------------------------------------------

    The Exchange believes that it is appropriate to make an IBR's 
status as such contingent on registration with Exchange. A 
Participant's status as an Institutional Broker is voluntary and 
requires registration with the Exchange, which is consistent with the 
current proposal related to IBRs.\11\ The proposed interpretation would 
permit firms registered as Institutional Brokers to designate certain 
individuals as IBRs, while employing other individuals in separate, 
non-IBR capacities.\12\ In this manner, firms which wish to conduct a 
portion of their business as an Institutional Broker, but also engage 
in other activities may do so without subjecting those other areas to 
those provisions of the CHX rules specifically applicable to 
Institutional Brokers. The Exchange believes that the proposed changes 
would permit Institutional Brokers to carry out a multifaceted business 
strategy, while still ensuring that the activities of those persons 
acting as IBRs are subject to the appropriate regulatory provisions. 
The proposed amendment to Interpretation and Policy .02 of Article 17, 
Rule 1 is consistent with the effective operation and regulation of 
Institutional Brokers and IBRs.
---------------------------------------------------------------------------

    \11\ See Article 17, Rule 3, Interpretation and Policy .04.
    \12\ For example, a firm could organize itself to have one 
business unit consisting of IBRs sending orders to the Exchange and 
other trading centers for execution, and facilitating non-CHX 
clearing submissions pursuant to Article 21, Rule 6 and separately 
maintain another business unit chiefly engaged in OTC market making.
---------------------------------------------------------------------------

    Pursuant to the proposed amendment to Interpretation and Policy 
.02, a firm registered with the Exchange as Institutional Broker could 
maintain other lines of business separate and distinct from its 
Institutional Broker activities without subjecting those other areas to 
the requirements of Article 17, Rule 3 contingent upon the creation and 
maintenance of effective information barrier procedures as specified in 
proposed Rule 6 of Article 17. The responsibilities and duties of 
Article 17, Rule 3 are closely tailored to the historical activities of 
individuals

[[Page 3529]]

operating as IBRs. The Exchange does not believe that there is any 
particular need to extend the reach of those obligations to the 
activities of individuals who are not acting in the capacity of an IBR. 
Non-IBR activities of a Participant firm registered as an Institutional 
Broker would, of course, remain subject to all other applicable 
provisions of the Exchange's rules. The non-IBR personnel at a 
Institutional Broker could continue to send orders to the Exchange; 
however, those orders would be regarded as standard order-sending 
Participant orders, and not as Institutional Broker activity. The 
Exchange can and will distinguish between orders sent to the Matching 
System by IBRs and other orders sent by Institutional Brokers to the 
Matching System for billing and other purposes.
    Orders and other activity sent to the Exchange by non-IBR 
affiliated persons of an Institutional Broker would be subject to the 
provisions of Section E.1. of the CHX Fee Schedule applicable to most 
Participants, and would not be billed as Institutional Broker activity 
pursuant to Section E.3. of the Fee Schedule. Firms registered as 
Institutional Brokers would only receive a credit pursuant to the 
provisions of Section F.2. of the Fee Schedule for the trading activity 
of registered IBRs.\13\ Firms registered as Institutional Brokers would 
remain subject to the obligations of Article 17, Rule 3, Article 21, 
Rule 6, and Article 9, Rule 14 as to the activities of those 
individuals associated with the firm and registered as an IBR. The 
Exchange believes that this treatment of Institutional Broker activity 
appropriately recognizes that firms registered as Institutional Brokers 
may engage in other activities which should not be judged by the 
specific standards devised for Institutional Broker activity.
---------------------------------------------------------------------------

    \13\ The Exchange plans to propose changes to its Fee Schedule 
to make explicit this billing structure.
---------------------------------------------------------------------------

    The limitation that only IBRs could act on behalf of Institutional 
Brokers in making clearing submissions pursuant to Article 21, Rule 6, 
entering Benchmark orders pursuant to Article 20, Rule 4.b.(2) and 
reporting Riskless Principal transactions pursuant to Article 9, Rule 
14 is consistent with the above-described limitations, since the 
ability to make such clearing submissions is restricted to IBRs using 
Brokerplex and the rationale for making riskless principal trade 
reports to the Exchange is to facilitate the entry of clearing 
submissions pursuant to Article 21, Rule 6. The Exchange also proposes 
to modify the text of Article 17, Rule 5(a) to clarify in that rule 
that the ability to make clearing submissions is limited to IBRs. Since 
the entry of Benchmark orders to the Exchange for execution is limited 
to Institutional Brokers, the Exchange believes that such orders should 
only be submitted by CHX-registered IBRs.\14\
---------------------------------------------------------------------------

    \14\ The Exchange also proposes to delete the reference in the 
Benchmark order definitions in both Article 20 and Article 1, Rule 2 
to the Trading Phase Date of Reg NMS, since the Reg NMS rules were 
implemented a number of years ago.
---------------------------------------------------------------------------

    The Exchange proposes to amend Article 17, Rule 3(e) to clarify 
that the obligations owed by Institutional Brokers under Article 11 are 
not limited simply to the maintenance of certain required records, but 
also include the affirmative provision of electronic information to the 
Exchange in certain circumstances. Article 11, Rule 3(b) requires 
Institutional Brokers to provide specified information in an electronic 
format to the Exchange about orders accepted and handled by those 
firms. Article 11, Rule 4 requires that Institutional Brokers provide 
electronic records of trade executions received in other, non-CHX 
trading centers. The provision of trading data by Institutional Brokers 
in an electronic format is designed to facilitate the creation of 
automated surveillance reports run by the CHX's Market Regulation 
Department in furtherance of the Exchange's obligation to oversee 
trading activity of its Institutional Brokers.
    As noted above, the proposed changes to Interpretation and Policy 
.02 to Article 17, Rule 1 provide that the proposed limitation of the 
obligations of Institutional Brokers to the activities of its IBRs is 
contingent upon the creation and maintenance of effective information 
barrier procedures between the Institutional Broker and non-
Institutional Broker units. The Exchange proposes to add Rule 6 (Non-
Institutional Broker Unit; Information Barriers) to Article 17 to 
define the specific information barrier requirements for that purpose. 
A multi-unit Institutional Broker would be required to establish and 
maintain information barriers between the Institutional Broker unit and 
non-Institutional Broker unit. Such information barriers will be 
required to be reasonably designed to prevent the Institutional Broker 
unit from having knowledge of unexecuted customer orders in possession 
of the non-Institutional Broker unit and likewise prevent the non-
Institutional Broker unit from having knowledge of unexecuted customer 
orders in the possession of the Institutional Broker unit. The 
Institutional Broker unit may, however, transmit an order to the non-
Institutional Broker unit of the firm for purposes of handling and 
executing the order, and the non-Institutional Broker unit may likewise 
transmit an order to the Institutional Broker unit.
    At the time an Institutional Broker wished to set up a non-
Institutional Broker unit within the firm, it would be required to 
submit to the Exchange its Written Supervisory Procedures (``WSPs'') as 
they pertain to these information barrier procedures. At minimum, the 
WSPs will have to satisfactorily address (1) the manner in which the 
firm will satisfy the requirements of this rule (including the 
compliance and audit procedures it proposes to implement to ensure that 
the information barrier is maintained); and (2) identify the names and 
titles of the person or persons responsible for maintenance, 
supervision and surveillance of the procedures. The Exchange's existing 
rules require Institutional Brokers to provide the Exchange with such 
information and reports relating to its transactions as the Exchange 
may request.\15\ The Exchange expects Institutional Brokers to take 
appropriate remedial action against any person violating this rule or 
the Institutional Broker's internal compliance and audit procedures as 
a part of their existing supervisory responsibilities, as well as 
recognizing that the Exchange may take appropriate remedial action for 
any such violation.
---------------------------------------------------------------------------

    \15\ Article 6, Rules 7 (Providing Information) and 9 (Provision 
of Information to the Exchange) and Article 11, Rule 1 (Furnishing 
of Records).
---------------------------------------------------------------------------

    In addition, the proposed rule provides that the firm's WSPs must 
describe the internal controls that the Institutional Broker will 
implement to satisfy each of the conditions stated in the rule, and the 
compliance and audit procedures proposed to implement and ensure that 
the controls are maintained. If the Exchange determined that the 
organizational structure and the compliance and audit procedures 
proposed by the Institutional Broker are acceptable, the Exchange would 
so inform the Institutional Broker, in writing. Unless the Exchange 
finds that an Institutional Broker's information barrier procedures are 
acceptable, all activities of an Institutional Broker (including those 
of a non-IBR) will be subject to the obligations placed upon an 
Institutional Broker as provided in the Exchange's rules.
    The Exchange believes that the provisions regarding the information 
barrier procedures of new Rule 6 of Article 17 are sufficient to 
address the issues presented by the operation of a non-Institutional 
Broker unit within a firm which is an Exchange-registered

[[Page 3530]]

Institutional Broker. The CHX understands that the non-Institutional 
Broker unit of such firms will largely function in a similar manner to 
other order sending firms which are not registered with the Exchange as 
an Institutional Broker pursuant to our rules. The Exchange believes 
that the information barrier procedures of proposed Rule 6 are adequate 
to provide a meaningful separation of the Institutional Broker and non-
Institutional Broker units.
    The Exchange is proposing an Interpretation and Policy to define 
the elements of an adequate information barrier procedure for purposes 
of new Rule 6. Proposed Interpretation and Policy .01 defines an 
``information barrier'' as an organizational structure in which the 
Institutional Broker functions are conducted in a physical location 
separate from the locations in which the non-Institutional Broker 
activities are conducted. The Institutional Broker and non-
Institutional Broker units should not use trading or order management 
systems which permit them to share information about orders or 
transactions being handled by each respective unit. However, upon 
request and not on his or her own initiative, an Institutional Broker 
Representative may furnish to persons at the same firm or an affiliated 
firm (``affiliated persons''), the same sort of market information that 
the Institutional Broker would make available in the normal course of 
its Institutional Broker activity to any other person. The 
Institutional Broker Representative must provide such information to 
affiliated persons in the same manner that he or she would make such 
information available to a non-affiliated person. An individual person 
may not simultaneously act as an Institutional Broker Representative 
and as a representative of the non-Institutional Broker unit. The 
Exchange believes that the information barrier requirements as set 
forth in the proposed Interpretation and Policy are reasonable and 
appropriate given the nature of the relationship between the 
Institutional Broker and non-Institutional Broker units. The CHX 
further believes that the articulation of these standards in the 
proposed Interpretation and Policy will provide clarity and direction 
to interested Institutional Brokers in creating their information 
barrier procedures.
    Finally, the Exchange seeks to make typographical and clarifying 
changes throughout its rules regarding various references to 
Institutional Brokers by capitalizing that phrase throughout to 
distinguish the rights and obligations of CHX-registered Institutional 
Brokers from other Participants which may be colloquially or informally 
referred to as institutional brokers. The Exchange proposes to make an 
addition to Article 17, Rule 1 to clarify that Institutional Brokers 
may only use those Exchange systems which the Exchange has designated 
for their use.\16\ The Exchange also proposes to delete the reference 
in Article 15, Rule 1 to proceedings based upon the refusal of an 
Institutional Broker or Market Maker to register. As this filing 
clarifies, registration as either an Institutional Broker or Market 
Maker is voluntary act and the failure to register does not represent a 
violation of any Exchange rule or interpretation.\17\
---------------------------------------------------------------------------

    \16\ Currently, those systems are limited to the Brokerplex 
order entry, management and recordation system.
    \17\ Registration as an IBR under Article 17 or a Market Maker 
Trader under Article 16 is likewise elective. An Institutional 
Broker would be deemed to have violated CHX rules, however, if it 
gave unauthorized access to Exchange systems designated for use by 
an IBR to non-IBRs (other than clerks thereto).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act in general,\18\ and furthers the 
objectives of Section 6(b)(5) in particular,\19\ in that it is designed 
to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in facilitating 
transaction in securities, to remove impediments and perfect the 
mechanisms of a free and open market, and, in general, to protect 
investors and the public interest. The proposed stated interpretation 
clarifies that the CHX will regard the responsibilities and duties of 
Institutional Brokers set forth in the specified rules as applying only 
to the activities of Institutional Broker Representatives, and their 
clerks. The proposed changes would facilitate the operation of firms 
which wish to conduct as portion of their business as an Institutional 
Broker, but also engage in other activities (such as OTC market making) 
without subjecting those other areas to those provisions of the CHX 
rules and Fee Schedule specifically applicable to the activities of 
Institutional Brokers. The Exchange believes that the proposed changes 
would permit Institutional Brokers to carry out a multifaceted business 
strategy, while still ensuring that the activities of those persons 
acting as IBRs are subject to the appropriate fees and regulatory 
obligations. The Exchange believes that such an interpretation promotes 
just and equitable principles of trade because it appropriately limits 
the application of those rules governing the obligations and permitted 
activities of Institutional Brokers to the activities of those 
individuals acting in the capacity of an IBR.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement of 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 Regarding the 
Proposed Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    A. By order approve or disapprove such proposed rule change, or
    B. Institute proceedings to determine whether the proposed rule 
change should be 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 rule-comments@sec.gov. Please include 
File Number SR-CHX-2012-02 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-CHX-2012-02. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your

[[Page 3531]]

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 the 
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-CHX-2012-02 and should be submitted on or before 
February 14, 2012.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\20\
Kevin M. O'Neill,
Deputy Secretary.
---------------------------------------------------------------------------

    \20\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

[FR Doc. 2012-1287 Filed 1-23-12; 8:45 am]
BILLING CODE 8011-01-P


