Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of Proposed Rule Change Relating to Clearing Options on the CBOE Gold ETF Volatility Index, 28085-28086 [2010-11940]

Download as PDF Federal Register / Vol. 75, No. 96 / Wednesday, May 19, 2010 / Notices C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others No written comments were solicited or 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)(ii) of the Act 11 and subparagraph (f)(2) of Rule 19b–4 thereunder 12 because it establishes or changes a due, fee, or other charge applicable only to a member imposed by the self-regulatory organization. Accordingly, the proposal is effective upon Commission receipt of the filing. At any time within 60 days of the filing of such 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 purpose 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: 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 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 publicly available. All submissions should refer to File Number SR–CHX– 2010–08 and should be submitted on or before June 9, 2010. XVII of OCC’s By-Laws to clarify that OCC will clear and treat as securities options any option contracts on the CBOE Gold ETF Volatility Index. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Elizabeth M. Murphy, Secretary. The purpose of the proposed rule change is to make clear that options on the CBOE Gold ETF Volatility Index, which is an index that measures the implied volatility of options on the SPDR Gold Trust, which is an exchangetraded fund designed to reflect the performance of gold bullion. To accomplish this purpose, OCC is proposing to add an interpretation following the introduction in Article XVII of OCC’s By-Laws, clarifying that OCC will clear and treat as securities options any option contracts on the CBOE Gold ETF Volatility Index.2 On May 30, 2008, the Commission approved rule filing SR–OCC–2008–07, which added a similar interpretation with respect to the treatment and clearing of options on shares of the SPDR Gold Trust.3 On December 4, 2008, the Commission approved rule filings SR–OCC–2008–13 and SR–OCC– 2008–14, which extended similar treatment to options on iShares® COMEX Gold Shares and iShares® Silver Shares.4 On February 25, 2010, the Commission approved rule filing SR–OCC–2009–20, which extended similar treatment to options and security futures on ETFS Physical Swiss [FR Doc. 2010–11938 Filed 5–18–10; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION jlentini on DSKJ8SOYB1PROD 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–CHX–2010–08 on the subject line. [Release No. 34–62094; File No. SR–OCC– 2010–07] 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–2010–08. 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 May 13, 2010. 11 15 12 17 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). VerDate Mar<15>2010 16:07 May 18, 2010 Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of Proposed Rule Change Relating to Clearing Options on the CBOE Gold ETF Volatility Index Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934,1 notice is hereby given that on April 26, 2010, The Options Clearing Corporation (‘‘OCC’’) filed with the Securities and Exchange 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 the Substance of the Proposed Rule Change The proposed rule change would allow OCC to add an interpretation following the introduction in Article 13 17 1 15 Jkt 220001 28085 PO 00000 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). Frm 00107 Fmt 4703 Sfmt 4703 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. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 2 The specific language of the proposed interpretation can be found on OCC’s Web site at https://www.theocc.com/publications/rules/ proposed_changes/proposed_changes.jspU. 3 Securities Exchange Act Release No. 57895, 73 FR 32066 (June 5, 2008). 4 Securities Exchange Act Release No. 59054, 73 FR 75159 (Dec. 10, 2008). These filings also provided that futures on the exchange-traded funds in question would be cleared and treated as security futures. E:\FR\FM\19MYN1.SGM 19MYN1 28086 Federal Register / Vol. 75, No. 96 / Wednesday, May 19, 2010 / Notices Gold Shares and ETFS Physical Silver Shares.5 In its capacity as a ‘‘derivatives clearing organization’’ registered as such with the CFTC, OCC is filing this proposed rule change for prior approval by the CFTC pursuant to provisions of the Commodity Exchange Act (‘‘CEA’’) in order to foreclose any potential liability under the CEA based on an argument that the clearing by OCC of such options as securities options constitutes a violation of the CEA. OCC states that the proposed interpretation of OCC’s By-Laws is consistent with the purposes and requirements of Section 17A of the Act 6 because it is designed to promote the prompt and accurate clearance and settlement of transactions in securities options, to foster cooperation and coordination with persons engaged in the clearance and settlement of such transactions, to remove impediments to and perfect the mechanism of a national system for the prompt and accurate clearance and settlement of such transactions, and, in general, to protect investors and the public interest. It does so by reducing the likelihood of a dispute as to OCC’s treatment of options based on the CBOE Gold ETF Volatility Index. The proposed rule change is not inconsistent with the By-Laws and Rules of OCC. 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 OCC has not solicited or received written comments relating to the proposed rule change. OCC will notify the Commission of any written comments it receives. jlentini on DSKJ8SOYB1PROD with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within thirty-five 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 ninety 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: 5 Securities Exchange Act Release No. 61591, 75 FR 9979 (Mar. 4, 2010). 6 15 U.S.C. 78q–1. VerDate Mar<15>2010 16:07 May 18, 2010 Jkt 220001 (A) By order approve the 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 (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File No. SR–OCC–2010–07 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File No. SR–OCC–2010–07. 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 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 such filing also will be available for inspection and copying at OCC’s principal office and on OCC’s Web site at https:// www.theocc.com/publications/rules/ proposed_changes/ proposed_changes.jspU. 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 submission PO 00000 Frm 00108 Fmt 4703 Sfmt 4703 should refer to File No. SR–OCC–2010– 07 and should be submitted on or before June 9, 2010. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.7 Elizabeth M. Murphy, Secretary. [FR Doc. 2010–11940 Filed 5–18–10; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62095; File No. SR–CBOE– 2010–042] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Suspension of Seat Market May 13, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’ or ‘‘Exchange Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on May 6, 2010, the Chicago Board Options Exchange, Incorporated (‘‘CBOE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’ or ‘‘SEC’’) the proposed rule change as described in Items I, II and III below, which Items have been prepared by the CBOE. CBOE has filed the proposal pursuant to Section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b–4(f)(3) thereunder,4 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 parties. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change CBOE proposes to amend its rules governing the sale and transfer of Exchange memberships by adding new Interpretation and Policy .02 to Rule 3.14. The rule proposal is available on the Exchange’s Web site (https:// www.cboe.org/legal), at the Exchange’s Office of the Secretary, at the Commission’s Public Reference Room, and on the Commission’s Web site at https://www.sec.gov. 7 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(3). 1 15 E:\FR\FM\19MYN1.SGM 19MYN1

Agencies

[Federal Register Volume 75, Number 96 (Wednesday, May 19, 2010)]
[Notices]
[Pages 28085-28086]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-11940]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62094; File No. SR-OCC-2010-07]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Filing of Proposed Rule Change Relating to Clearing Options 
on the CBOE Gold ETF Volatility Index

May 13, 2010.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 
1934,\1\ notice is hereby given that on April 26, 2010, The Options 
Clearing Corporation (``OCC'') filed with the Securities and Exchange 
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 the 
Substance of the Proposed Rule Change

    The proposed rule change would allow OCC to add an interpretation 
following the introduction in Article XVII of OCC's By-Laws to clarify 
that OCC will clear and treat as securities options any option 
contracts on the CBOE Gold ETF Volatility Index.

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.

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

    The purpose of the proposed rule change is to make clear that 
options on the CBOE Gold ETF Volatility Index, which is an index that 
measures the implied volatility of options on the SPDR Gold Trust, 
which is an exchange-traded fund designed to reflect the performance of 
gold bullion. To accomplish this purpose, OCC is proposing to add an 
interpretation following the introduction in Article XVII of OCC's By-
Laws, clarifying that OCC will clear and treat as securities options 
any option contracts on the CBOE Gold ETF Volatility Index.\2\ On May 
30, 2008, the Commission approved rule filing SR-OCC-2008-07, which 
added a similar interpretation with respect to the treatment and 
clearing of options on shares of the SPDR Gold Trust.\3\ On December 4, 
2008, the Commission approved rule filings SR-OCC-2008-13 and SR-OCC-
2008-14, which extended similar treatment to options on iShares[supreg] 
COMEX Gold Shares and iShares[supreg] Silver Shares.\4\ On February 25, 
2010, the Commission approved rule filing SR-OCC-2009-20, which 
extended similar treatment to options and security futures on ETFS 
Physical Swiss

[[Page 28086]]

Gold Shares and ETFS Physical Silver Shares.\5\
---------------------------------------------------------------------------

    \2\ The specific language of the proposed interpretation can be 
found on OCC's Web site at https://www.theocc.com/publications/rules/proposed_changes/proposed_changes.jspU.
    \3\ Securities Exchange Act Release No. 57895, 73 FR 32066 (June 
5, 2008).
    \4\ Securities Exchange Act Release No. 59054, 73 FR 75159 (Dec. 
10, 2008). These filings also provided that futures on the exchange-
traded funds in question would be cleared and treated as security 
futures.
    \5\ Securities Exchange Act Release No. 61591, 75 FR 9979 (Mar. 
4, 2010).
---------------------------------------------------------------------------

    In its capacity as a ``derivatives clearing organization'' 
registered as such with the CFTC, OCC is filing this proposed rule 
change for prior approval by the CFTC pursuant to provisions of the 
Commodity Exchange Act (``CEA'') in order to foreclose any potential 
liability under the CEA based on an argument that the clearing by OCC 
of such options as securities options constitutes a violation of the 
CEA.
    OCC states that the proposed interpretation of OCC's By-Laws is 
consistent with the purposes and requirements of Section 17A of the Act 
\6\ because it is designed to promote the prompt and accurate clearance 
and settlement of transactions in securities options, to foster 
cooperation and coordination with persons engaged in the clearance and 
settlement of such transactions, to remove impediments to and perfect 
the mechanism of a national system for the prompt and accurate 
clearance and settlement of such transactions, and, in general, to 
protect investors and the public interest. It does so by reducing the 
likelihood of a dispute as to OCC's treatment of options based on the 
CBOE Gold ETF Volatility Index. The proposed rule change is not 
inconsistent with the By-Laws and Rules of OCC.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------

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

    OCC has not solicited or received written comments relating to the 
proposed rule change. OCC will notify the Commission of any written 
comments it receives.

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

    Within thirty-five 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 ninety 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 the 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 (https://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File No. SR-OCC-2010-07 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, Station Place, 100 F 
Street, NE., Washington, DC 20549-1090.

All submissions should refer to File No. SR-OCC-2010-07. 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 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 such filing also will be available for 
inspection and copying at OCC's principal office and on OCC's Web site 
at https://www.theocc.com/publications/rules/proposed_changes/proposed_changes.jspU. 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 submission should refer to File No. SR-
OCC-2010-07 and should be submitted on or before June 9, 2010.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-11940 Filed 5-18-10; 8:45 am]
BILLING CODE 8010-01-P
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