Self-Regulatory Organizations; One Chicago, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change, as Modified by Amendment No. 1, Changing Its Listing Standards in Conformance With Amended Joint Order, 68297-68298 [E9-30422]

Download as PDF srobinson on DSKHWCL6B1PROD with NOTICES Federal Register / Vol. 74, No. 245 / Wednesday, December 23, 2009 / Notices 180 days. The Commission finds that the temporary extended conditional exemption from the provisions of Section 19(b) of the Exchange Act is appropriate in the public interest and is consistent with the protection of investors. In particular, the Commission believes that the temporary extended exemption should help promote efficiency and competition in the market by allowing DECN to continue to operate as an ECN for a limited period of time while the Commission considers the Form 1 Applications. In this regard, the Commission notes ISE’s belief that it would be unduly burdensome and inefficient to require DECN’s operating rules to be separately subjected to the Section 19(b) rule filing and approval process because DECN will operate only temporarily as a facility of ISE while the Commission considers the Form 1 Applications. In addition, the Commission notes that the Form 1 Applications, which include the rules of the Exchange Subsidiaries, were published for comment on September 17, 2009.37 According to ISE, the rules of the Exchange Subsidiaries ‘‘substantially align’’ with DECN’s operations in practice.38 Accordingly, the publication of the Form 1 Applications should help to mitigate any concerns regarding transparency with respect to the rules under which DECN operates temporarily as a facility of ISE. To provide the Commission with the opportunity to review and act upon any proposal to change DECN’s fees or to make material changes to DECN’s operations as an ECN during the period covered by the extended temporary exemption, as well as to ensure that the Commission’s ability to monitor ISE and DECN is not diminished by the extended temporary exemption, the Commission is imposing the following conditions while the extended temporary exemption is in effect.39 The Commission believes such conditions are necessary and appropriate in the public interest for the protection of investors. Therefore, the Commission is granting to ISE an extended temporary exemption, pursuant to Section 36 of the Exchange Act, from the rule filing requirements imposed by Section 19(b) of the Exchange Act as set forth above, provided that ISE and DECN comply with the following conditions: (1) DECN remains a registered brokerdealer under Section 15 of the Exchange 37 See Securities Exchange Act Release No. 60651 (September 11, 2009), 74 FR 47827 (September 17, 2009). 38 See Exemption Request at 2. 39 See Extension Request at note 6. VerDate Nov<24>2008 19:26 Dec 22, 2009 Jkt 220001 Act 40 and continues to operate as an ECN; (2) DECN operates in compliance with the obligations set forth under Regulation ATS; (3) DECN and ISE continue to operate as separate legal entities; (4) ISE files a proposed rule change under Section 19 of the Exchange Act 41 if any material changes are sought to be made to DECN’s operations. A material change would include any changes to a stated policy, practice, or interpretation regarding the operation of DECN or any other event or action relating to DECN that would require the filing of a proposed rule change by an SRO or an SRO facility; 42 (5) ISE files a proposed rule change under Section 19 of the Exchange Act if DECN’s fee schedule is sought to be modified; and (6) ISE treats DECN the same as other ECNs that participate in the Facility, and, in particular, ISE does not accord DECN preferential treatment in how DECN submits orders to the Facility or in the way its orders are displayed or executed.43 In addition, the Commission notes that the Financial Industry Regulatory Authority is currently the Designated Examining Authority for DECN. For the reasons discussed above, the Commission finds that the extended temporary conditional exemptive relief requested by ISE is appropriate in the public interest and is consistent with the protection of investors. It is ordered, pursuant to Section 36 of the Exchange Act,44 that the application for an extended temporary conditional exemption is granted for a period of 180 days, effective immediately. By the Commission. Florence E. Harmon, Deputy Secretary. [FR Doc. E9–30426 Filed 12–22–09; 8:45 am] BILLING CODE 8011–01–P 40 15 U.S.C. 78o. U.S.C. 78s. 42 See Section 19(b) of the Exchange Act and Rule 19b–4 thereunder. The Commission notes that a material change would include, among other things, changes to DECN’s operating platform; the types of securities traded on DECN; DECN’s types of subscribers; or the reporting venue for trading that takes place on DECN. The Commission also notes that any rule filings must set forth the operation of the DECN facility sufficiently so that the Commission and the public are able to evaluate the proposed changes. 43 See Extension Request at note 6. 44 15 U.S.C. 78mm. 41 15 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 68297 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61172; File No. SR–OC– 2009–03] Self-Regulatory Organizations; One Chicago, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change, as Modified by Amendment No. 1, Changing Its Listing Standards in Conformance With Amended Joint Order December 16, 2009. Pursuant to Section 19(b)(7) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–7 under the Act,2 notice is hereby given that on December 2, 2009, One Chicago, LLC (‘‘OneChicago’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self-regulatory organization. On December 3, 2009, OneChicago filed Amendment No. 1 to the proposed rule change. The Commission is publishing this notice to solicit comments on the proposed rule change, as modified, from interested persons. OneChicago also filed the proposed rule change with the Commodity Futures Trading Commission (‘‘CFTC’’) under Section 5c(c) of the Commodity Exchange Act 3 on December 2, 2009. I. Self-Regulatory Organization’s Description of the Proposed Rule Change OneChicago is proposing to amend Rule 906(a)(1) and (4) to conform its listing standards to those approved by both the SEC and the CFTC (together the ‘‘Commissions’’) in their Joint Order dated November 19, 2009 (‘‘JO–2009’’).4 The text of the proposed rule change is available on the Exchange’s Web site at https://www.onechicago.com, on the Commission’s Web site at https:// www.sec.gov, at OneChicago, and at the Commission’s Public Reference Room. A copy of this filing is available on the Exchange’s Web site at https:// www.onechicago.com, at the Exchange’s principal office and at the Commission’s Public Reference Room. 1 15 U.S.C. 78s(b)(7). CFR 240.19b–7. 3 7 U.S.C. 7a–2(c). 4 Securities and Exchange Commission Release No. 34–61027 (November 19, 2009). Joint Order Modifying the Listing Standards Requirements under Section 6(h) of the Securities Exchange Act of 1934 and the Criteria under Section 2(a)(1) of the Commodity Exchange Act. 2 17 E:\FR\FM\23DEN1.SGM 23DEN1 68298 Federal Register / Vol. 74, No. 245 / Wednesday, December 23, 2009 / Notices II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change OneChicago has prepared statements concerning the purpose of, and basis for, the proposed rule change, burdens on competition, and comments received from members, participants, and others. The text of these statements may be examined at the places specified in Item IV below. These statements are set forth in Sections A, B, and C below. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this proposed rule change is to permit security futures to maintain comparability with the options markets and to provide competitive financial tools that offer a variety of investing and hedging products for the public as set forth in the Commissions JO–2009. This proposed change is simply to conform to JO–2009. 2. Statutory Basis The proposed rule change is consistent with Section 6(b)(5) of the Act 5 in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to protect investors and the public interest, and to remove impediments to and perfect the mechanism for a free and open market and a national market system. In particular, the proposed rule change will maintain comparability with the listed options markets. Additionally, the changes are consistent with those set forth in JO–2009. B. Self-Regulatory Organization’s Statement on Burden on Competition OneChicago does not believe that the proposed rule change will have an impact on competition. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others srobinson on DSKHWCL6B1PROD with NOTICES Comments on the OneChicago proposed rule change have not been solicited and none has been received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The proposed rule change will become effective on December 3, 2009. Within 60 days of the date of 5 15 U.S.C. 78f(b)(5). VerDate Nov<24>2008 16:41 Dec 22, 2009 effectiveness of the proposed rule change, the Commission, after consultation with the CFTC, may summarily abrogate the proposed rule change and require that the proposed rule change be refiled in accordance with the provisions of Section 19(b)(1) of the Act.6 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–OC–2009–03 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–OC–2009–03. 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 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 6 15 Jkt 220001 PO 00000 U.S.C. 78s(b)(1). Frm 00075 Fmt 4703 Sfmt 4703 you wish to make available publicly. All submissions should refer to File Number SR–OC–2009–03 and should be submitted on or before January 13, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–30422 Filed 12–22–09; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61173; File No. SR–CHX– 2009–16] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change Modifying the Definition of Cross and Cross With Size Order Types December 16, 2009. 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 December 15, 2009, Chicago Stock Exchange, Inc. (‘‘Exchange’’ or ‘‘CHX’’) 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 Exchange. CHX has designated the proposed rule change as constituting a rule change under Rule 19b–4(f)(6) under the Act,3 which renders the proposal effective upon filing with the Commission. 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 CHX proposes to amend its rules to change the definition of Cross and Cross With Size order types. The text of this proposed rule change is available on the Exchange’s Web site at (https:// 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 7 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). 1 15 E:\FR\FM\23DEN1.SGM 23DEN1

Agencies

[Federal Register Volume 74, Number 245 (Wednesday, December 23, 2009)]
[Notices]
[Pages 68297-68298]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-30422]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61172; File No. SR-OC-2009-03]


Self-Regulatory Organizations; One Chicago, LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change, as Modified by 
Amendment No. 1, Changing Its Listing Standards in Conformance With 
Amended Joint Order

December 16, 2009.
    Pursuant to Section 19(b)(7) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-7 under the Act,\2\ notice is hereby given 
that on December 2, 2009, One Chicago, LLC (``OneChicago'') filed with 
the Securities and Exchange Commission (``SEC'' or ``Commission'') the 
proposed rule change as described in Items I, II, and III below, which 
Items have been prepared by the self-regulatory organization. On 
December 3, 2009, OneChicago filed Amendment No. 1 to the proposed rule 
change. The Commission is publishing this notice to solicit comments on 
the proposed rule change, as modified, from interested persons. 
OneChicago also filed the proposed rule change with the Commodity 
Futures Trading Commission (``CFTC'') under Section 5c(c) of the 
Commodity Exchange Act \3\ on December 2, 2009.
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    \1\ 15 U.S.C. 78s(b)(7).
    \2\ 17 CFR 240.19b-7.
    \3\ 7 U.S.C. 7a-2(c).
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I. Self-Regulatory Organization's Description of the Proposed Rule 
Change

    OneChicago is proposing to amend Rule 906(a)(1) and (4) to conform 
its listing standards to those approved by both the SEC and the CFTC 
(together the ``Commissions'') in their Joint Order dated November 19, 
2009 (``JO-2009'').\4\ The text of the proposed rule change is 
available on the Exchange's Web site at https://www.onechicago.com, on 
the Commission's Web site at https://www.sec.gov, at OneChicago, and at 
the Commission's Public Reference Room. A copy of this filing is 
available on the Exchange's Web site at https://www.onechicago.com, at 
the Exchange's principal office and at the Commission's Public 
Reference Room.
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    \4\ Securities and Exchange Commission Release No. 34-61027 
(November 19, 2009). Joint Order Modifying the Listing Standards 
Requirements under Section 6(h) of the Securities Exchange Act of 
1934 and the Criteria under Section 2(a)(1) of the Commodity 
Exchange Act.

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[[Page 68298]]

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

    OneChicago has prepared statements concerning the purpose of, and 
basis for, the proposed rule change, burdens on competition, and 
comments received from members, participants, and others. The text of 
these statements may be examined at the places specified in Item IV 
below. These statements are set forth in Sections A, B, and C below.

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

1. Purpose
    The purpose of this proposed rule change is to permit security 
futures to maintain comparability with the options markets and to 
provide competitive financial tools that offer a variety of investing 
and hedging products for the public as set forth in the Commissions JO-
2009. This proposed change is simply to conform to JO-2009.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b)(5) of the 
Act \5\ in that it is designed to prevent fraudulent and manipulative 
acts and practices, to promote just and equitable principles of trade, 
to protect investors and the public interest, and to remove impediments 
to and perfect the mechanism for a free and open market and a national 
market system. In particular, the proposed rule change will maintain 
comparability with the listed options markets. Additionally, the 
changes are consistent with those set forth in JO-2009.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    OneChicago does not believe that the proposed rule change will have 
an impact on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Comments on the OneChicago proposed rule change have not been 
solicited and none has been received.

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

    The proposed rule change will become effective on December 3, 2009. 
Within 60 days of the date of effectiveness of the proposed rule 
change, the Commission, after consultation with the CFTC, may summarily 
abrogate the proposed rule change and require that the proposed rule 
change be refiled in accordance with the provisions of Section 19(b)(1) 
of the Act.\6\
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    \6\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------

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-OC-2009-03 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-OC-2009-03. 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 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-OC-2009-03 and should be 
submitted on or before January 13, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-30422 Filed 12-22-09; 8:45 am]
BILLING CODE 8011-01-P
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