Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Clearing Fee Reduction, 53273-53274 [E7-18271]

Download as PDF Federal Register / Vol. 72, No. 180 / Tuesday, September 18, 2007 / Notices 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 Commissions 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 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 Number SR–NYSE–2007–80 and should be submitted on or before October 9, 2007. solicit comments on the proposed rule change from interested persons. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–18270 Filed 9–17–07; 8:45 am] I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change BILLING CODE 8010–01–P II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56386; File No. SR–OCC– 2007–09] Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Clearing Fee Reduction September 11, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on August 2, 2007, 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 The proposed rule change would reduce certain OCC clearing fees. 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.2 (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change The purpose of this rule change is to make additional fee reductions. First, OCC is further reducing its currently discounted standard clearing fee schedule, as described in the following chart.3 Current permanent standard fee schedule, effective May 1, 2007 Discounted standard fee schedule, effective May 1, 2007 1–500 ............................................. 501–1,000 ...................................... 1,001–2,000 ................................... >2,000 ............................................ pwalker on PROD1PC71 with NOTICES Contracts/Trade $0.05/contract ............................... $0.04/contract ............................... $0.03/contract ............................... $55.00 (capped) ........................... $0.035/contract ............................. $0.028/contract ............................. $0.021/contract ............................. $35.00 (capped) ........................... Second, OCC is halving the standard market maker scratch fee to one cent per side. The discounted clearing fees and market-maker scratch fees will be effective from September 1 through December 31, 2007. Third, OCC is converting the CBOE Futures Exchange (‘‘CFE’’) to its standard rebate-eligible fee schedule, effective September 1, 2007. As a result, clearing fees charged for CFE transactions will be reduced. The outdated alternative fee schedule offered to futures markets also will be eliminated. The reductions in OCC’s clearing fees reflect the strong contract volume experienced by OCC this year to date. OCC believes that these fee changes will financially benefit clearing members 9 17 1 15 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). VerDate Aug<31>2005 19:28 Sep 17, 2007 and other market participants without adversely affecting OCC’s ability to meet its expenses and maintain an acceptable level of retained earnings. The proposed rule change is consistent with Section 17A of the Act because it benefits clearing members and other market participants by reducing and discounting clearing fees and allocating them in a fair and equitable manner. 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. 2 The Commission has modified parts of these statements. 3 The standard fee schedule currently applies to (i) securities options, (ii) security futures where at Jkt 211001 53273 PO 00000 Frm 00051 Fmt 4703 Sfmt 4703 Discounted standard fee schedule, effective September 1, 2007 $0.02/contract. $0.016/contract. $15.00 (capped). $15.00 (capped). (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 Because the foregoing rule change changes fees charged clearing members by OCC, it has become effective pursuant to Section 19(b)(3)(A)(ii) of the least one side of the trade is cleared by an OCC Clearing Member, and (iii) commodity futures traded on the Philadelphia Board of Trade. E:\FR\FM\18SEN1.SGM 18SEN1 53274 Federal Register / Vol. 72, No. 180 / Tuesday, September 18, 2007 / Notices Act 4 and Rule 19b–4(f)(2) 5 thereunder. 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: pwalker on PROD1PC71 with NOTICES 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–2007–09 on the subject line. 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–2007–09 and should be submitted on or before October 9, 2007. Florence E. Harmon. Deputy Secretary. [FR Doc. E7–18271 Filed 9–17–07; 8:45 am] BILLING CODE 8010–01–P 5 17 SMALL BUSINESS ADMINISTRATION [Disaster Declaration #11026] Arizona Disaster #AZ–00006 Declaration of Economic Injury Small Business Administration. Notice. AGENCY: ACTION: (Catalog of Federal Domestic Assistance Number 59002). U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). VerDate Aug<31>2005 19:28 Sep 17, 2007 Jkt 211001 BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #11027] Idaho Disaster #ID–00004 Declaration of Economic Injury AGENCY: SUMMARY: This is a notice of an Economic Injury Disaster Loan (EIDL) declaration for the State of ARIZONA, Paper Comments dated 09/11/2007. • Send paper comments in triplicate Incident: Pima County monsoon. to Nancy M. Morris, Secretary, Incident Period: 07/21/2007 through Securities and Exchange Commission, 07/31/2007. 100 F Street, NE., Washington, DC Effective Date: 09/11/2007. 20549–1090. EIDL Loan Application Deadline Date: All submissions should refer to File 06/11/2008. Number SR–OCC–2007–09. This file ADDRESSES: Submit completed loan number should be included on the applications to: U.S. Small Business subject line if e-mail is used. To help the Administration, Processing and Commission process and review your Disbursement Center, 14925 Kingsport comments more efficiently, please use Road, Fort Worth, TX 76155. only one method. The Commission will FOR FURTHER INFORMATION CONTACT: A. post all comments on the Commission’s Escobar, Office of Disaster Assistance, Internet Web site (https://www.sec.gov/ U.S. Small Business Administration, rules/sro.shtml). Copies of the 409 3rd Street, SW., Suite 6050, submission, all subsequent Washington, DC 20416. amendments, all written statements SUPPLEMENTARY INFORMATION: Notice is with respect to the proposed rule hereby given that as a result of the change that are filed with the Administrator’s EIDL declaration, Commission, and all written applications for economic injury communications relating to the disaster loans may be filed at the proposed rule change between the Commission and any person, other than address listed above or other locally announced locations. those that may be withheld from the public in accordance with the The following areas have been provisions of 5 U.S.C. 552, will be determined to be adversely affected by available for inspection and copying in the disaster: the Commission’s Public Reference Primary Counties: Pima. Room, 100 F Street, NE., Washington, Contiguous Counties: DC 20549, on official business days Arizona: Cochise, Graham, Maricopa, between the hours of 10 a.m. and 3 p.m. Pinal, Santa Cruz, Yuma. Copies of such filing also will be The Interest Rate is: 4.000. available for inspection and copying at The number assigned to this disaster the principal office of OCC. All for economic injury is 110260. comments received will be posted The State which received an EIDL without change; the Commission does Declaration # is Arizona. 4 15 Dated: September 11, 2007. Steven C. Preston, Administrator. [FR Doc. E7–18320 Filed 9–17–07; 8:45 am] PO 00000 Frm 00052 Fmt 4703 Sfmt 4703 ACTION: Small Business Administration. Notice. SUMMARY: This is a notice of an Economic Injury Disaster Loan (EIDL) declaration for the State of IDAHO, dated 09/11/2007. Incident: Castle Rock Wild Land Fire. Incident Period: 08/19/2007 and continuing. Effective Date: 09/11/2007. EIDL Loan Application Deadline Date: 06/11/2008. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. FOR FURTHER INFORMATION CONTACT: Notice is hereby given that as a result of the Administrator’s EIDL declaration, applications for economic injury disaster loans may be filed at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: Primary Counties: Blaine. Contiguous Counties: Idaho: Bingham, Butte, Camas, Cassia, Custer, Elmore, Lincoln, Minidoka, Power. The Interest Rate is: 4.000. The number assigned to this disaster for economic injury is 110270. The State which received an EIDL Declaration # is Idaho. SUPPLEMENTARY INFORMATION: (Catalog of Federal Domestic Assistance Number 59002). Dated: September 11, 2007. Steven C. Preston, Administrator. [FR Doc. E7–18321 Filed 9–17–07; 8:45 am] BILLING CODE 8025–01–P E:\FR\FM\18SEN1.SGM 18SEN1

Agencies

[Federal Register Volume 72, Number 180 (Tuesday, September 18, 2007)]
[Notices]
[Pages 53273-53274]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-18271]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56386; File No. SR-OCC-2007-09]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
Relating to Clearing Fee Reduction

 September 11, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on August 2, 2007, 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 proposed rule change would reduce certain OCC clearing fees.

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.\2\
---------------------------------------------------------------------------

    \2\ 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

    The purpose of this rule change is to make additional fee 
reductions. First, OCC is further reducing its currently discounted 
standard clearing fee schedule, as described in the following chart.\3\
---------------------------------------------------------------------------

    \3\ The standard fee schedule currently applies to (i) 
securities options, (ii) security futures where at least one side of 
the trade is cleared by an OCC Clearing Member, and (iii) commodity 
futures traded on the Philadelphia Board of Trade.

----------------------------------------------------------------------------------------------------------------
                                          Current permanent     Discounted standard fee  Discounted standard fee
           Contracts/Trade              standard fee schedule,     schedule, effective     schedule, effective
                                        effective May 1, 2007         May 1, 2007           September 1, 2007
----------------------------------------------------------------------------------------------------------------
1-500................................  $0.05/contract.........  $0.035/contract........  $0.02/contract.
501-1,000............................  $0.04/contract.........  $0.028/contract........  $0.016/contract.
1,001-2,000..........................  $0.03/contract.........  $0.021/contract........  $15.00 (capped).
>2,000...............................  $55.00 (capped)........  $35.00 (capped)........  $15.00 (capped).
----------------------------------------------------------------------------------------------------------------

    Second, OCC is halving the standard market maker scratch fee to one 
cent per side. The discounted clearing fees and market-maker scratch 
fees will be effective from September 1 through December 31, 2007. 
Third, OCC is converting the CBOE Futures Exchange (``CFE'') to its 
standard rebate-eligible fee schedule, effective September 1, 2007. As 
a result, clearing fees charged for CFE transactions will be reduced. 
The outdated alternative fee schedule offered to futures markets also 
will be eliminated.
    The reductions in OCC's clearing fees reflect the strong contract 
volume experienced by OCC this year to date. OCC believes that these 
fee changes will financially benefit clearing members and other market 
participants without adversely affecting OCC's ability to meet its 
expenses and maintain an acceptable level of retained earnings.
    The proposed rule change is consistent with Section 17A of the Act 
because it benefits clearing members and other market participants by 
reducing and discounting clearing fees and allocating them in a fair 
and equitable manner. 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.

(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

    Because the foregoing rule change changes fees charged clearing 
members by OCC, it has become effective pursuant to Section 
19(b)(3)(A)(ii) of the

[[Page 53274]]

Act \4\ and Rule 19b-4(f)(2) \5\ thereunder. 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.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \5\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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-2007-09 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.
    All submissions should refer to File Number SR-OCC-2007-09. 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 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 OCC. 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-2007-09 and should be 
submitted on or before October 9, 2007.

Florence E. Harmon.
Deputy Secretary.
 [FR Doc. E7-18271 Filed 9-17-07; 8:45 am]
BILLING CODE 8010-01-P