Self-Regulatory Organization; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change by OneChicago Amending Position Limits, 39083-39084 [2010-16429]

Download as PDF Federal Register / Vol. 75, No. 129 / Wednesday, July 7, 2010 / Notices cprice-sewell on DSK8KYBLC1PROD with NOTICES 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. The Commission notes that ETF trades constituted a substantial majority of the trades that were cancelled on May 6, and the proposed amendments would bring certain ETFs within the scope of the trading pause pilot for the first time. The Commission solicits comment regarding the inclusion of ETFs within the trading pause pilot. The Commission requests comment in particular on the implications of including in the trading pause pilot ETFs on broad-based indices that also underlie options and futures products. What are the potential benefits and risks of including those ETFs in the pilot under circumstances where other products based on the same index may not be subject to any trading pause, or may be subject to a different type of trading pause? Are existing mechanisms available in the markets for those other products sufficient to address any crossmarket linkage concerns? What are the potential effects on price discovery and trading behavior in the different markets? Similarly, the Commission solicits comments on the potential benefits and risks of excluding such ETFs from the pilot, particularly under circumstances where the securities underlying the ETF are included in the pilot. If there are trading pauses for the component securities of an index but not for an ETF based on that index, what consequences might that have for the ETF or for other products based on that index? If there are trading pauses in an ETF but not in the stocks that underlie that ETF, what consequences might that have for the underlying stocks or other products? What are the potential effects on price discovery for the ETF, the underlying stocks and other products? Are there other market-based characteristics or metrics that should be considered for purposes of determining which ETFs should be included in the trading pause pilot, or for re-calibrating particular features of the trading pause? In addition, the Commission solicits comments regarding the operation of the trading pause pilot to date with respect to stocks in the S&P 500. 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 VerDate Mar<15>2010 15:28 Jul 06, 2010 Jkt 220001 • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NASDAQ–2010–079 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–NASDAQ–2010–079. 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 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 offices 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–NASDAQ–2010–079, and should be submitted on or before July 19, 2010.8 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–16408 Filed 7–6–10; 8:45 am] BILLING CODE 8010–01–P 8 The Commission believes that a 10-day comment period is reasonable, given the urgency of the matter. It will provide adequate time for comment. 9 17 CFR 200.30–3(a)(12). PO 00000 Frm 00109 Fmt 4703 Sfmt 4703 39083 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62398; File No. SR–OC– 2010–02] Self-Regulatory Organization; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change by OneChicago Amending Position Limits June 28, 2010. 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 June 18, 2010, OneChicago, LLC (‘‘OneChicago’’ or ‘‘OCX’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change described in Items I, II, and III below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. OneChicago also has filed the proposed rule change with the Commodity Futures Trading Commission (‘‘CFTC’’) under Section 5c(c) of the Commodity Exchange Act 3 on June 4, 2010. I. Self-Regulatory Organization’s Description of the Proposed Rule Change OneChicago is proposing to amend the position limits for eighteen security futures products, as set forth in Exhibit 4 to the Submission, because the speculative position limits for these products were greater than 25% of the outstanding number of shares available for delivery. The requirement is found in Appendix B to Part 38 in the guidance to Core Principle 5 of section 5(d) of the Commodity Exchange Act (CEA). Accordingly, OneChicago has filed the reduction notice consistent with Core Principle 5. 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 Exchange 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. OneChicago has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. 1 15 U.S.C. 78s(b)(7). CFR 240.19b–7. 3 7 U.S.C. 7a–2(c). 2 17 E:\FR\FM\07JYN1.SGM 07JYN1 39084 Federal Register / Vol. 75, No. 129 / Wednesday, July 7, 2010 / Notices 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 conform the speculative position limits for certain security futures products to the requirements of the CEA. This change will achieve that result. 2. Statutory Basis The proposed rule change is consistent with Section 6(b)(5) of the Act 4 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. 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 have been received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The proposed rule change has become effective pursuant to Section 19(b)(7) of the Act.5 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 cprice-sewell on DSK8KYBLC1PROD with NOTICES 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–2010–02 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. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62418; File No. SR–EDGX– 2010–05] Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing of Proposed Rule Change To Amend EDGX Rule 11.14, Entitled ‘‘Trading Halts Due to Extraordinary Volatility.’’ June 30, 2010. 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 June 30, 2010, EDGX Exchange, Inc. (the ‘‘Exchange’’ or ‘‘EDGX’’) filed with the All submissions should refer to File Securities and Exchange Commission Number SR–OC–2010–02. This file (‘‘Commission’’) the proposed rule number should be included on the change as described in Items I, II, and subject line if e-mail is used. To help the III below, which Items have been Commission process and review your prepared by the Exchange. The comments more efficiently, please use Commission is publishing this notice to only one method. The Commission will solicit comments on the proposed rule post all comments on the Commission’s change from interested persons. Internet Web site (https://www.sec.gov/ I. Self-Regulatory Organization’s rules/sro.shtml). Copies of the Statement of the Terms of Substance of submission, all subsequent the Proposed Rule Change amendments, all written statements The Exchange is proposing to amend with respect to the proposed rule EDGX Rule 11.14, entitled ‘‘Trading change that are filed with the Halts Due to Extraordinary Volatility’’ to Commission, and all written add additional securities to the pilot communications relating to the rule. The text of the proposed rule proposed rule change between the change is available at the Exchange’s Commission and any person, other than Web site at https://www.directedge.com, those that may be withheld from the at the principal office of the Exchange, public in accordance with the and at the Commission’s Public provisions of 5 U.S.C. 552, will be Reference Room. available for Web site viewing and II. Self-Regulatory Organization’s printing in the Commission’s Public Statement of the Purpose of, and Reference Room, 100 F Street, NE., Statutory Basis for, the Proposed Rule Washington, DC 20549, on official Change business days between the hours of 10 In its filing with the Commission, the a.m. and 3 p.m. Copies of such filing also will be available for inspection and Exchange included statements concerning the purpose of and basis for copying at the principal office of the the proposed rule change and discussed OneChicago. All comments received any comments it received on the will be posted without change; the proposed rule change. The text of these Commission does not edit personal statements may be examined at the identifying information from places specified in Item IV below. The submissions. You should submit only Exchange has prepared summaries, set information that you wish to make forth in Sections A, B, and C below, of available publicly. All submissions the most significant parts of such should refer to File Number SR–OC– statements. 2010–02 and should be submitted on or A. Self-Regulatory Organization’s before August 6, 2010. Statement of the Purpose of, and For the Commission, by the Division of Statutory Basis for, the Proposed Rule Trading and Markets, pursuant to delegated Change 7 authority. Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–16429 Filed 7–6–10; 8:45 am] BILLING CODE 8010–01–P U.S.C. 78f(b)(5). 5 15 U.S.C. 78s(b)(7). 6 15 U.S.C. 78s(b)(1). 1. Purpose The Exchange proposes to amend EDGX Rule 11.14 to add securities included in the Russell 1000® Index 4 15 VerDate Mar<15>2010 15:28 Jul 06, 2010 1 15 7 17 Jkt 220001 PO 00000 CFR 200.30–3(a)(73). Frm 00110 Fmt 4703 Sfmt 4703 2 17 E:\FR\FM\07JYN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 07JYN1

Agencies

[Federal Register Volume 75, Number 129 (Wednesday, July 7, 2010)]
[Notices]
[Pages 39083-39084]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-16429]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62398; File No. SR-OC-2010-02]


Self-Regulatory Organization; Notice of Filing and Immediate 
Effectiveness of a Proposed Rule Change by OneChicago Amending Position 
Limits

June 28, 2010.

    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 June 18, 2010, OneChicago, LLC (``OneChicago'' or ``OCX'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``Commission'') the proposed rule change described in Items I, II, and 
III below, which Items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons. 
OneChicago also has filed the proposed rule change with the Commodity 
Futures Trading Commission (``CFTC'') under Section 5c(c) of the 
Commodity Exchange Act \3\ on June 4, 2010.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(7).
    \2\ 17 CFR 240.19b-7.
    \3\ 7 U.S.C. 7a-2(c).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Description of the Proposed Rule 
Change

    OneChicago is proposing to amend the position limits for eighteen 
security futures products, as set forth in Exhibit 4 to the Submission, 
because the speculative position limits for these products were greater 
than 25% of the outstanding number of shares available for delivery. 
The requirement is found in Appendix B to Part 38 in the guidance to 
Core Principle 5 of section 5(d) of the Commodity Exchange Act (CEA). 
Accordingly, OneChicago has filed the reduction notice consistent with 
Core Principle 5.

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 Exchange 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. OneChicago has prepared summaries, set forth in Sections 
A, B, and C below, of the most significant aspects of such statements.

[[Page 39084]]

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 conform the 
speculative position limits for certain security futures products to 
the requirements of the CEA. This change will achieve that result.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b)(5) of the 
Act \4\ 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.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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 have been received.

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

    The proposed rule change has become effective pursuant to Section 
19(b)(7) of the Act.\5\ 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\
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(7).
    \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-2010-02 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-2010-02. 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 the principal office of the OneChicago. 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-2010-02 and should be 
submitted on or before August 6, 2010.

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

    \7\ 17 CFR 200.30-3(a)(73).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-16429 Filed 7-6-10; 8:45 am]
BILLING CODE 8010-01-P
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