March 29, 2012.
On January 31, 2012, the C2 Options Exchange, Incorporated (“Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 
and Rule 19b-4 thereunder,
a proposed rule change to amend C2 Rule 6.51, which relates to the Exchange's Automated Improvement Mechanism (“AIM”). The proposal would permit a participant (“Participant”), when submitting an agency order to AIM to initiate an auction against a single price submission, to elect to have last priority in the AIM auction's order allocation.
The proposed rule change was published for comment in the Federal Register on February 17, 2012.
The Commission received no comments on the proposal.
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 
and, in particular, the requirements of Section 6(b)(5) of the Act,
in that it is designed to provide additional flexibility for Participants to obtain executions on behalf of their customers through AIM because the initiating Participants may elect to have last priority. The Commission believes that, as a result of this flexibility, there may be increased usage of AIM auctions and the mechanism may attract new participants, thereby helping to further competition and to enhance the possibility of price improvement on behalf of customers.
It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that the proposed rule change (SR-C2-2012-006) be, and it hereby is, approved.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
Kevin M. O'Neill,
[FR Doc. 2012-8036 Filed 4-3-12; 8:45 am]
BILLING CODE 8011-01-P