Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to OCC's Data Distribution Service, 44414-44415 [E5-4111]
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Federal Register / Vol. 70, No. 147 / Tuesday, August 2, 2005 / Notices
market. In proposing to establish the
new order type, Nasdaq seeks to provide
market participants with more choices,
thereby permitting them to represent
their trading interest more completely
than is currently possible on Nasdaq.
The depth and liquidity of the market
on Nasdaq could increase as a result of
the enhanced interest and competition,
which in turn could promote greater
competition among market centers.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,7 that the
proposed rule change (SR–NASD–2005–
068) be, and it hereby is, approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.8
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4109 Filed 8–1–05; 8:45 am]
In its filing with the Commission,
OCC 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. OCC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of such statements.3
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52125; File No. SR–OCC–
2005–09]
Self-Regulatory Organizations; The
Options Clearing Corporation; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change Relating to
OCC’s Data Distribution Service
July 26, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
June 24, 2005, The Options Clearing
Corporation (‘‘OCC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which items have been
prepared primarily by OCC. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The purpose of the proposed rule
change is to adopt a new DDS
Supplement to support the conversion
of OCC’s data distribution service
(‘‘DDS’’) 2 to the technology used by
OCC’s new clearing system, ENCORE.
7 15
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 OCC offers certain ancillary services to clearing
members that are not set forth in OCC’s By-laws and
Rules. Examples of such services include different
channels by which clearing members may elect to
receive data processed by OCC or to communicate
instructions to OCC.
An OCC clearing member may
subscribe to DDS in order to receive in
a machine readable format a copy of
data processed by OCC that is
proprietary to that clearing member
(e.g., position and post-trade entries)
and that is ‘‘non-proprietary’’ (i.e., data
not specific to the clearing member)
produced by OCC, including series,
prices, and other information. A
subscribing clearing member may
instruct OCC to provide data to its
managing clearing member or to its
service bureau. Parties that are not
clearing members may also subscribe to
DDS in order to receive certain nonproprietary data. Data provided as a part
of ENCORE DDS is organized into
different ‘‘message types’’ that a
subscriber may elect to receive.
ENCORE DDS has been developed to
provide a secure, flexible framework for
distributing messages to subscribers
pursuant to their elections.4 As is the
case today, ENCORE DDS subscribers
will be permitted to choose whether to
access messages from OCC servers or to
directly receive message transmissions
from OCC. Subscribers may elect to
receive messages on a real time basis (a
new DDS offering) and/or on a batch
basis (a current DDS offering) although
not all message types will be made
available under both methods.5 For
subscribers electing to receive DDS on a
real time basis, an ‘‘end of day’’ message
will alert them not to expect any further
information from OCC for that day.
ENCORE DDS will be available to
subscribers through leased lines, the
internet, or both. OCC will support the
8 17
VerDate jul<14>2003
17:21 Aug 01, 2005
Jkt 205001
3 The Commission has modified parts of these
statements.
4 Fees charged for DDS to clearing members and
non-clearing members (as set forth in OCC’s
Schedule of Fees) will not be changed at this time.
5 For example, price messages currently are
expected to be only offered on a batch basis.
PO 00000
Frm 00092
Fmt 4703
Sfmt 4703
current DDS format and the ENCORE
DDS format during a transition period.
The DDS Supplement is structured to
fit within OCC’s existing framework for
the Agreement for OCC Services and
will replace the current form
supplement between clearing members
and OCC.6 The DDS Supplement’s
provisions are generally selfexplanatory, and they are intended to
describe the respective responsibilities
of OCC and the subscribing clearing
member. Section 1 describes DDS and,
if applicable, permits a clearing member
to direct OCC to deliver messages to the
clearing member’s managing clearing
member or service bureau, as
applicable. Section 2 sets forth criteria
associated with subscribing to DDS.
Sections 3 through 5 set forth further
responsibilities of the parties including
limitations on warranties, liability,7 and
indemnification. Section 6 contains
general terms regarding survival of
certain provisions. Annex I provides an
overview of message types offered as a
part of ENCORE DDS. Annex II is a form
which permits a clearing member to
provide contact information regarding
its managing clearing member and a
certification of the managing clearing
member with respect to DDS. Annex III
is a comparable form for service
bureaus.
OCC believes that the proposed
change is consistent with Section 17A of
the Act because ENCORE DDS provides
a more efficient and effective means to
furnish machine readable clearingrelated data to clearing members. The
proposed rule change is not inconsistent
with the existing rules of OCC,
including any other rules proposed to be
amended.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
OCC does not believe that the
proposed rule change would impose any
burden on competition.
6 The DDS Supplement to be entered into
between OCC and clearing members subscribing to
DDS is attached to the filing of proposed rule
change as Exhibit 5.
7 The limitation of liability provision contained in
the DDS Supplement is based on the comparable
provisions of the Supplement for Internet Access,
which was approved by the Commission in
Securities Exchange Act Release No. 46152 (July 1,
2002) 67 FR 45166 (July 8, 2002) [File No. SR–OCC–
2001–09]. OCC has filed a proposed rule change
with the Commission to establish a standard of care
by which any potential liability of OCC to its
clearing members would be judged [File No. SR–
OCC–2003–13]. If approved, that proposed rule
change would amend supplements to the
Agreement for OCC Services to the extent a
standard of care is established therein to reference
the standard as it would be set forth in OCC’s Bylaws.
E:\FR\FM\02AUN1.SGM
02AUN1
Federal Register / Vol. 70, No. 147 / Tuesday, August 2, 2005 / Notices
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were not and are
not intended to be solicited with respect
to the proposed rule change, and none
have been received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(iii) of the Act 8 and Rule
19b–4(f)(4) 9 promulgated thereunder
because the proposal effects a change in
an existing service of OCC that (A) does
not adversely affect the safeguarding of
securities or funds in the custody or
control of OCC or for which it is
responsible and (B) does not
significantly affect the respective rights
or obligations of OCC or persons using
the service. At any time within sixty
days of the filing of the proposed rule
change, the Commission may summarily
abrogate 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.
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 (https://www.sec.gov/
rules/sro.shtml) or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–OCC–2005–09 on the
subject line.
Internet Web site (https://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 inspection and copying in
the Commission’s Public Reference
Section, 100 F Street, NE., Washington,
DC 20549. Copies of such filing also will
be available for inspection and copying
at the principal office of OCC and on
OCC’s Web site at https://
www.optionsclearing.com.
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–OCC–2005–09 and should
be submitted on or before August 23,
2005.
For the Commission, by the Division
of Market Regulation, pursuant to
delegated authority.10
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4111 Filed 8–1–05; 8:45 am]
BILLING CODE 8010–01–P
DEPARTMENT OF STATE
[Public Notice 5145]
Culturally Significant Objects Imported
for Exhibition Determinations: ‘‘Style
and Status: Imperial Costumes From
Ottoman Turkey’’
Summary: Notice is hereby given of
the following determinations: Pursuant
to the authority vested in me by the Act
Paper Comments
of October 19, 1965 (79 Stat. 985; 22
U.S.C. 2459), Executive Order 12047 of
• Send paper comments in triplicate
March 27, 1978, the Foreign Affairs
to Jonathan G. Katz, Secretary,
Reform and Restructuring Act of 1998
Securities and Exchange Commission,
(112 Stat. 2681, et seq.; 22 U.S.C. 6501
100 F Street, NE., Washington, DC
note, et seq.), Delegation of Authority
20549–0609.
No. 234 of October 1, 1999, Delegation
All submissions should refer to File
of Authority No. 236 of October 19,
Number SR–OCC–2005–09. This file
1999, as amended, and Delegation of
number should be included on the
subject line if e-mail is used. To help the Authority No. 257 of April 15, 2003 [68
FR 19875], I hereby determine that the
Commission process and review your
objects to be included in the exhibition
comments more efficiently, please use
only one method. The Commission will ‘‘Style and Status: Imperial Costumes
post all comments on the Commission’s from Ottoman Turkey,’’ imported from
abroad for temporary exhibition within
8 15
9 17
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(4).
VerDate jul<14>2003
17:21 Aug 01, 2005
10 17
Jkt 205001
PO 00000
CFR 200.30–3(a)(12).
Frm 00093
Fmt 4703
Sfmt 4703
44415
the United States, are of cultural
significance. The objects are imported
pursuant to loan agreements with the
foreign owners or custodians. I also
determine that the exhibition or display
of the exhibit objects at the Arthur M.
Sackler Gallery, Smithsonian
Institution, Washington, DC, from on or
about October 29, 2005 to on or about
January 22, 2006, and at possible
additional venues yet to be determined,
is in the national interest. Public Notice
of these Determinations is ordered to be
published in the Federal Register.
For Further Information Contact: For
further information, including a list of
the exhibit objects, contact Wolodymyr
R. Sulzynsky, the Office of the Legal
Adviser, Department of State,
(telephone: 202–453–8050). The address
is Department of State, SA–44, 301 4th
Street, SW., Room 700, Washington, DC
20547–0001.
Dated: July 26, 2005.
C. Miller Crouch,
Principal Deputy Assistant Secretary for
Educational and Cultural Affairs, Department
of State.
[FR Doc. 05–15215 Filed 8–1–05; 8:45 am]
BILLING CODE 4710–08–P
DEPARTMENT OF STATE
[Delegation of Authority No. 281]
Delegation by the Secretary of State to
the Director General of the Foreign
Service and Director of Human
Resources of Authorities Normally
Vested in the Under Secretary for
Management
By virtue of the authority vested in
me as Secretary of State by the laws of
the United States, including Section 1 of
the State Department Basic Authorities
Act of 1956, as amended (22 U.S.C.
2651a), I hereby delegate to W. Robert
Pearson, to the extent authorized by
law, all authorities vested in the Under
Secretary for Management, including all
authorities vested in the Secretary of
State or head of agency that have been
or may be delegated or re-delegated to
the Under Secretary for Management.
Any authorities covered by this
delegation may also be exercised by the
Secretary of State or the Deputy
Secretary of State.
Any act, executive order, regulation,
or procedure subject to, or affected by,
this delegation shall be deemed to be
such act, executive order, regulation, or
procedure as amended from time to
time.
This delegation shall enter into effect
upon signature and shall expire upon
the appointment and entry upon duty of
a new Under Secretary for Management.
E:\FR\FM\02AUN1.SGM
02AUN1
]]>Agencies
[Federal Register Volume 70, Number 147 (Tuesday, August 2, 2005)]
[Notices]
[Pages 44414-44415]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-4111]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52125; File No. SR-OCC-2005-09]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to OCC's Data Distribution Service
July 26, 2005.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on June 24, 2005, The Options
Clearing Corporation (``OCC'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I, II, and III below, which items have been prepared primarily by
OCC. 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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The purpose of the proposed rule change is to adopt a new DDS
Supplement to support the conversion of OCC's data distribution service
(``DDS'') \2\ to the technology used by OCC's new clearing system,
ENCORE.
---------------------------------------------------------------------------
\2\ OCC offers certain ancillary services to clearing members
that are not set forth in OCC's By-laws and Rules. Examples of such
services include different channels by which clearing members may
elect to receive data processed by OCC or to communicate
instructions to OCC.
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, OCC 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. OCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of such
statements.\3\
---------------------------------------------------------------------------
\3\ The Commission has modified parts of these statements.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
An OCC clearing member may subscribe to DDS in order to receive in
a machine readable format a copy of data processed by OCC that is
proprietary to that clearing member (e.g., position and post-trade
entries) and that is ``non-proprietary'' (i.e., data not specific to
the clearing member) produced by OCC, including series, prices, and
other information. A subscribing clearing member may instruct OCC to
provide data to its managing clearing member or to its service bureau.
Parties that are not clearing members may also subscribe to DDS in
order to receive certain non-proprietary data. Data provided as a part
of ENCORE DDS is organized into different ``message types'' that a
subscriber may elect to receive.
ENCORE DDS has been developed to provide a secure, flexible
framework for distributing messages to subscribers pursuant to their
elections.\4\ As is the case today, ENCORE DDS subscribers will be
permitted to choose whether to access messages from OCC servers or to
directly receive message transmissions from OCC. Subscribers may elect
to receive messages on a real time basis (a new DDS offering) and/or on
a batch basis (a current DDS offering) although not all message types
will be made available under both methods.\5\ For subscribers electing
to receive DDS on a real time basis, an ``end of day'' message will
alert them not to expect any further information from OCC for that day.
ENCORE DDS will be available to subscribers through leased lines, the
internet, or both. OCC will support the current DDS format and the
ENCORE DDS format during a transition period.
---------------------------------------------------------------------------
\4\ Fees charged for DDS to clearing members and non-clearing
members (as set forth in OCC's Schedule of Fees) will not be changed
at this time.
\5\ For example, price messages currently are expected to be
only offered on a batch basis.
---------------------------------------------------------------------------
The DDS Supplement is structured to fit within OCC's existing
framework for the Agreement for OCC Services and will replace the
current form supplement between clearing members and OCC.\6\ The DDS
Supplement's provisions are generally self-explanatory, and they are
intended to describe the respective responsibilities of OCC and the
subscribing clearing member. Section 1 describes DDS and, if
applicable, permits a clearing member to direct OCC to deliver messages
to the clearing member's managing clearing member or service bureau, as
applicable. Section 2 sets forth criteria associated with subscribing
to DDS. Sections 3 through 5 set forth further responsibilities of the
parties including limitations on warranties, liability,\7\ and
indemnification. Section 6 contains general terms regarding survival of
certain provisions. Annex I provides an overview of message types
offered as a part of ENCORE DDS. Annex II is a form which permits a
clearing member to provide contact information regarding its managing
clearing member and a certification of the managing clearing member
with respect to DDS. Annex III is a comparable form for service
bureaus.
---------------------------------------------------------------------------
\6\ The DDS Supplement to be entered into between OCC and
clearing members subscribing to DDS is attached to the filing of
proposed rule change as Exhibit 5.
\7\ The limitation of liability provision contained in the DDS
Supplement is based on the comparable provisions of the Supplement
for Internet Access, which was approved by the Commission in
Securities Exchange Act Release No. 46152 (July 1, 2002) 67 FR 45166
(July 8, 2002) [File No. SR-OCC-2001-09]. OCC has filed a proposed
rule change with the Commission to establish a standard of care by
which any potential liability of OCC to its clearing members would
be judged [File No. SR-OCC-2003-13]. If approved, that proposed rule
change would amend supplements to the Agreement for OCC Services to
the extent a standard of care is established therein to reference
the standard as it would be set forth in OCC's By-laws.
---------------------------------------------------------------------------
OCC believes that the proposed change is consistent with Section
17A of the Act because ENCORE DDS provides a more efficient and
effective means to furnish machine readable clearing-related data to
clearing members. The proposed rule change is not inconsistent with the
existing rules of OCC, including any other rules proposed to be
amended.
(B) Self-Regulatory Organization's Statement on Burden on Competition
OCC does not believe that the proposed rule change would impose any
burden on competition.
[[Page 44415]]
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants, or Others
Written comments were not and are not intended to be solicited with
respect to the proposed rule change, and none have been received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(4) \9\ promulgated
thereunder because the proposal effects a change in an existing service
of OCC that (A) does not adversely affect the safeguarding of
securities or funds in the custody or control of OCC or for which it is
responsible and (B) does not significantly affect the respective rights
or obligations of OCC or persons using the service. At any time within
sixty days of the filing of the proposed rule change, the Commission
may summarily abrogate 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------
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 (https://
www.sec.gov/rules/sro.shtml) or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-OCC-2005-09 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-0609.
All submissions should refer to File Number SR-OCC-2005-09. 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 (https://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 inspection
and copying in the Commission's Public Reference Section, 100 F Street,
NE., Washington, DC 20549. Copies of such filing also will be available
for inspection and copying at the principal office of OCC and on OCC's
Web site at https://www.optionsclearing.com.
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-OCC-2005-09
and should be submitted on or before August 23, 2005.
For the Commission, by the Division of Market Regulation, pursuant
to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-4111 Filed 8-1-05; 8:45 am]
BILLING CODE 8010-01-P
