Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Provide an Interpretation to Rule 401 To Allow Clearing Members To Use OCC Systems To Update Certain Non-critical Trade Data With Respect to Exchange Transactions Involving Securities Options, 36943-36945 [2011-15659]
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Federal Register / Vol. 76, No. 121 / Thursday, June 23, 2011 / Notices
options position.15 In particular,
position and exercise limits are
designed to minimize the potential for
mini-manipulations and for corners or
squeezes of the underlying market.16 In
addition, such limits serve to reduce the
possibility for disruption of the options
market itself, especially in illiquid
classes.17 As discussed below, over
time, the Commission has approved
options exchanges’ proposals to increase
these limits for options products
overlying certain ETFs where there is
considerable liquidity in both the
underlying cash markets and the
options markets.
The Commission believes that it is
reasonable for the Exchange to increase
position limits for options on SPY to
900,000 contracts (the same level
currently applicable to the QQQ
options). As in the case of the markets
for QQQ options and for the underlying
ETF, the markets for standardized
options on SPY and the SPY itself have
substantial trading volume and
liquidity. Indeed, Phlx cites statistics 18
showing that, while options on SPY and
options on QQQ both are in the top
ranks of equity options in terms of
trading volume, SPY options exceeded
QQQ options by a significant margin—
both in terms of the total volume traded
for a sample period in March of this
year, and in terms of average daily
volume for the year 2010. Similarly, the
Exchange cites statistics regarding the
underlying ETFs, showing that SPY
exceeded QQQ significantly in average
daily trading volume and average dollar
volume for the year.
The Commission believes that
increasing position limits on the highly
liquid SPY options to the same level
currently applicable to the QQQ options
represents the next step of a measured
approach to position limits on these
options, which have increased steadily
over a number of years to their current
levels.19 Further, the Commission
erowe on DSK5CLS3C1PROD with NOTICES
15 See,
e.g., Securities Exchange Act Release No.
47346 (February 11, 2003), 68 FR 8316 (February
20, 2003) (SR–CBOE–2002–26).
16 Id.
17 Id.
18 See supra Section II.
19 The Commission’s incremental approach to
approving changes in position and exercise limits
is well-established. Equity option position limits
have been gradually expanded from 1,000 in 1973
to maximum levels of 250,000 contracts for most of
the largest and most actively-traded standardized
equity options, with higher limits allowed for
certain ETF options—QQQ (900,000), SPY
(300,000), IWM (500,000) and DIA (300,000). In
1999, the Commission approved exchange
proposals to raise position and exercise limits on
standardized equity options to a range of between
13,500 and 75,000 contracts. See Securities
Exchange Act Release No. 40875 (December 31,
1998), 64 FR 1842 (January 12, 1999) (SR–CBOE–
VerDate Mar<15>2010
15:02 Jun 22, 2011
Jkt 223001
expects that the Exchange will continue
to monitor trading in the SPY options
for the purpose of discovering and
sanctioning manipulative acts and
practices, and to reassess the position
and exercise limits, if and when
appropriate, in light of its findings.20
Accordingly, as stated above, given
the measure of liquidity for SPY, the
Commission believes that increasing
position limits in the SPY options to
900,000 contracts is consistent with
Section 6(b)(5) of the Act,21 which
requires that the rules of a national
securities exchange be designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest.
IV. Conclusion
It Is Therefore Ordered, pursuant to
Section 19(b)(2) of the Act,22 that the
98–25; SR–Amex–98–22; SR–PCX–98–33; SR–Phlx–
98–36). In 2003, the Commission approved an
increase in the position and exercise limits for
options on DIA to the current 300,000 contracts. See
Securities Exchange Act Release Nos. 47346
(February 11, 2003), 68 FR 8316 (February 20, 2003)
(SR–CBOE–2002–26) and 57852 (May 22, 2008), 73
FR 31162 (May 30, 2008) (SR–Amex–2008–41).
Similarly, in 2005, the Commission approved an
increase in the position and exercise limits for
options on SPY to 300,000 contracts. See Securities
Exchange Act Release Nos. 51041 (January 14,
2005), 70 FR 3408 (January 24, 2005) (SR–CBOE–
2005–06) and 51043 (January 14, 2005), 70 FR 3402
(January 24, 2005) (SR–Amex–2005–06). Since
2001, the Commission has twice approved increases
in position and exercise limits for options on QQQ.
Initially, the Commission approved an increase to
300,000 contracts, and later, pursuant to a pilot
program that commenced in March 2005 and was
adopted by all of the options exchanges, increased
position and exercise limits for options on the
QQQQ to the current 900,000. See Securities
Exchange Act Release Nos. 45309 (January 18,
2002), 67 FR 3757 (January 25, 2002) (SR–CBOE–
2001–44) and 45236 (January 4, 2002), 67 FR 1378
(January 10, 2002) (SR–Amex–2001–42). Another
pilot program, which commenced in 2007 and was
adopted by all of the options exchanges, increased
the position and exercise limits for IWM options to
the current 500,000 contracts. Both of these pilots,
which also raised standardized equity option
position limits to the current range of between
25,000 and 250,000 contracts, were permanently
approved by the Commission in 2008. See
Securities Exchange Act Release Nos. 57352
(February 19, 2008), 73 FR 10076 (February 25,
2008) (SR–CBOE–2008–07) and 57415 (March 3,
2008), 73 FR 12479 (March 7, 2008) (SR–Amex–
2008–16).
20 Phlx states that its reporting requirements and
surveillance procedures, as well as the reporting
requirements and surveillance procedures other
markets and of clearing firms, are capable of
properly identifying unusual and/or illegal trading
activity.
21 15 U.S.C. 78f(b)(5).
22 15 U.S.C. 78s(b)(1).
PO 00000
Frm 00048
Fmt 4703
Sfmt 4703
36943
proposed rule change (SR–Phlx-2011–
58) be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.23
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011–15640 Filed 6–22–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64697; File No. SR–OCC–
2011–07]
Self-Regulatory Organizations; The
Options Clearing Corporation; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Provide
an Interpretation to Rule 401 To Allow
Clearing Members To Use OCC
Systems To Update Certain Noncritical Trade Data With Respect to
Exchange Transactions Involving
Securities Options
June 17, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
June 7, 2011, The Options Clearing
Corporation (‘‘OCC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change described in Items I, II, and III
below, which Items have been prepared
primarily by OCC. OCC filed the
proposal pursuant to Section
19(b)(3)(A)(iii) of the Act 2 and Rule
19b–4(f)(4) 3 thereunder so that the
proposal was effective upon filing with
the Commission. The Commission is
publishing this notice to solicit
comments on the rule change from
interested parties.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The proposed rule change will
provide an interpretation to Rule 401 to
allow clearing members to use OCC
systems to update certain non-critical
trade data with respect to exchange
transactions involving securities options
provided such updates do not
contravene any rule of the exchange on
which such transactions were effected.
23 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78s(b)(3)(A)(iii).
3 17 CFR 240.19b–4(f)(4).
1 15
E:\FR\FM\23JNN1.SGM
23JNN1
36944
Federal Register / Vol. 76, No. 121 / Thursday, June 23, 2011 / Notices
erowe on DSK5CLS3C1PROD with NOTICES
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 these statements.4
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The purpose of this proposed rule
change is to provide an interpretation to
Rule 401 to allow clearing members to
use OCC systems to update certain noncritical trade data with respect to
exchange transactions involving
securities options provided such
updates do not contravene any rule of
the exchange on which such
transactions were effected. Examples of
non-critical option trade data that
would eligible for updating by clearing
members include: open/close indicators,
account type, account numbers,
Clearing Member Trade Assignment
clearing member numbers, and optional
data field remarks.
Rule 401 concerns the reporting of
matching trade information by
exchanges to OCC. An interpretation to
Rule 401 allows clearing members to
use OCC systems to update certain noncritical trade data with respect to
exchange transactions involving futures
provided such updates do not
contravene any rule of the exchange on
which such transaction was effected.
Clearing members recently have asked
that OCC expand this to cover options
transactions. The request was processed
through the OCC Roundtable, an
advisory group comprised of clearing
members, options exchanges, and
service bureaus, which assesses
operational improvements that may be
implemented at OCC to increase
efficiencies and lower costs to industry
participants.
As in exchange transactions involving
futures, OCC’s systems would be
configured to ‘‘bust’’ the submitted trade
and to add a new trade that includes the
change. This provides an audit trail for
OCC and the affected exchange. OCC
also would provide functionality to
allow an exchange to prevent such
4 The Commission has modified the text of the
summaries prepared by OCC.
VerDate Mar<15>2010
15:02 Jun 22, 2011
Jkt 223001
updates from happening at OCC for
trades executed on its market.
To accommodate this request, a minor
change will be made to Interpretation
and Policy .02 to Rule 401. The change
will allow clearing members to use
OCC’s systems to update non-critical
trade information with respect to all
exchange transactions involving
securities options with the restriction
that such updates may not be in
contravention of any rule of the
exchange on which the transaction was
effected. 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 will have any
impact or 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 relating to the
proposed rule change have not been
solicited or received. OCC will notify
the Commission of any written
comments received by OCC.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has become effective upon filing
pursuant to Section 19(b)(3)(A)(iii) of
the Act 5 and Rule 19b–4(f)(4) 6
thereunder because the proposed rule
change affects a change in an existing
service of OCC that: (i) does not
adversely affect the safeguarding of
securities or funds within the custody or
control of OCC or for which OCC is
responsible; and (ii) does not
significantly affect the respective rights
or obligations of clearing members
which would use the service or of OCC.
At any time within 60 days of the filing
of the proposed rule change, the
Commission summarily may
temporarily suspend 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
5 15
6 17
PO 00000
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–2011–07 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–OCC–2011–07. 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 website 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 filings
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/components/
docs/legal/rules_and_bylaws/
sr_occ_11_07.pdf.
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–2011–07 and should
be submitted on or before July 14, 2011.
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(4).
Frm 00049
Fmt 4703
Sfmt 4703
E:\FR\FM\23JNN1.SGM
23JNN1
Federal Register / Vol. 76, No. 121 / Thursday, June 23, 2011 / Notices
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.7
Cathy H. Ahn,
Deputy Secretary .
[FR Doc. 2011–15659 Filed 6–22–11; 8:45 am]
BILLING CODE 8011–01–P
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64699; File No. SR–CBOE–
2011–056]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Adopt the Selection
Specifications and Content Outline for
the Proprietary Traders Examination
Program (Series 56)
June 17, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934, 15
U.S.C. 78s(b)(1), notice is hereby given
that on June 16, 2011, Chicago Board
Options Exchange, Incorporated
(‘‘CBOE’’ or the ‘‘Exchange’’) 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 CBOE. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
erowe on DSK5CLS3C1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Pursuant to the provisions of Section
19(b)(1) of the Securities Exchange Act
of 1934 (the ‘‘Act’’),1 the Exchange is
filing with the Commission the content
outline and selection specifications for
the Proprietary Traders Qualification
Examination (‘‘Series 56’’) program.
CBOE is not proposing any textual
changes to the Rules of CBOE. The text
of the proposed rule change is available
on the Exchange’s Web site (https://
www.cboe.org/legal), at the Exchange’s
Office of the Secretary and at the
Commission.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
CBOE included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
7 17
1 15
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
VerDate Mar<15>2010
15:02 Jun 22, 2011
rule change. The text of these statements
may be examined at the places specified
in Item IV below. CBOE has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of such statements.
1. Purpose
Pursuant to Rule 15b7–1,2
promulgated under the Exchange Act,3
‘‘No registered broker or dealer shall
effect any transaction in * * * any
security unless any natural person
associated with such broker or dealer
who effects or is involved in effecting
such transaction is registered or
approved in accordance with the
standards of training, experience,
competence, and other qualification
standards * * * established by the rules
of any national securities exchange
* * *’’ CBOE Rule 3.6A sets forth the
requirements for registration and
qualification of individual Trading
Permit Holders and individual
associated persons. Specifically, CBOE
Rule 3.6A provides that individual
Trading Permit Holders and individual
associated persons that are ‘‘engaged or
to be engaged in the securities business
of a Trading Permit Holder or TPH
organization shall be registered with the
Exchange in the category of registration
appropriate to the function to be
performed as prescribed by the
Exchange.’’ Further, Rule 3.6A requires,
among other things, that an individual
Trading Permit Holder or individual
associated person submit an application
for registration and pass the appropriate
qualification examination before the
registration can become effective.
In accordance with Interpretation and
Policy .06 to Rule 3.6A, those
individuals shall be considered to be
‘‘engaged in the securities business of a
Trading Permit Holder or TPH
organization’’ and subject to the
registration requirements and successful
completion of Series 56 if (i) the
individual Trading Permit Holder or
associated person conducts proprietary
trading, acts as a market-maker, effects
transactions on behalf of a broker-dealer
account, supervises or monitors
proprietary trading, market-making or
brokerage activities on behalf of the
broker-dealer, supervises or conducts
training for those engaged in proprietary
trading, market-making or brokerage
activities on behalf of a broker-dealer
2 17
3 15
Jkt 223001
PO 00000
C.F.R. [sic] 240.15b7–1.
U.S.C. 78a et seq.
Frm 00050
Fmt 4703
Sfmt 4703
36945
account; or (ii) the individual Trading
Permit Holder or associated person
engages in the management of any
individual Trading Permit Holder or
individual associated person identified
in (i) above as an officer, partner or
director.4
The Series 56 examination tests a
candidate’s knowledge of proprietary
trading generally and the industry rules
applicable to trading of equity securities
and listed options contracts. The Series
56 examination covers, among other
things, recordkeeping and recording
requirements, types and characteristics
of securities and investments, trading
practices and display execution and
trading systems. While the examination
is primarily dedicated to topics related
to proprietary trading, the Series 56
examination also covers a few general
concepts relating to customers.5
The Series 56 examination program is
shared by CBOE and the following SelfRegulatory Organizations (‘‘SROs’’):
Boston Options Exchange; C2 Options
Exchange, Incorporated; Chicago Stock
Exchange, Incorporated; International
Securities Exchange, LLC; NASDAQ
OMX, BX; NASDAQ OMX, PHLX;
NASDAQ Stock Market LLC; National
Stock Exchange, Incorporated; New
York Stock Exchange, LLC; NYSE
AMEX, Incorporated; and NYSE ARCA,
Incorporated.
Upon request by the SROs referenced
above, FINRA staff convened a
committee of industry representatives,
CBOE staff and staff from the other
SROs referenced above, to develop the
criteria for the Series 56 examination
program. As a result, CBOE is proposing
to set forth the content of the
examination. The qualification
examination consists of 100 multiple
choice questions. Candidates will have
150 minutes to complete the exam. The
content outline describes the following
topical sections comprising the
examination: Personnel, Business
Conduct and Recordkeeping and
Reporting Requirements, 9 questions;
Markets, Market Participants,
Exchanges, and Self Regulatory
Organizations, 8 questions; Types and
Characteristics of Securities and
Investments, 20 questions; Trading
Practices and Prohibited Acts, 50
4 In accordance with Rule 3.6A, an individual
Trading Permit Holder or individual associated
person that is engaged in the supervision or
monitoring of proprietary trading, market-making or
brokerage activities and/or that is engaged in the
supervision or training of those engaged in
proprietary trading, market-making or brokerage
activities with respect to those activities will be
subject to heightened qualification requirements, as
prescribed by the Exchange.
5 The Commission notes that proprietary trading
firms do not have customers.
E:\FR\FM\23JNN1.SGM
23JNN1
]]>Agencies
[Federal Register Volume 76, Number 121 (Thursday, June 23, 2011)]
[Notices]
[Pages 36943-36945]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-15659]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-64697; File No. SR-OCC-2011-07]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Provide an Interpretation to Rule 401 To Allow Clearing Members To Use
OCC Systems To Update Certain Non-critical Trade Data With Respect to
Exchange Transactions Involving Securities Options
June 17, 2011.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on June 7, 2011, The Options
Clearing Corporation (``OCC'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change described in Items
I, II, and III below, which Items have been prepared primarily by OCC.
OCC filed the proposal pursuant to Section 19(b)(3)(A)(iii) of the Act
\2\ and Rule 19b-4(f)(4) \3\ thereunder so that the proposal was
effective upon filing with the Commission. The Commission is publishing
this notice to solicit comments on the rule change from interested
parties.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78s(b)(3)(A)(iii).
\3\ 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change will provide an interpretation to Rule 401
to allow clearing members to use OCC systems to update certain non-
critical trade data with respect to exchange transactions involving
securities options provided such updates do not contravene any rule of
the exchange on which such transactions were effected.
[[Page 36944]]
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 these
statements.\4\
---------------------------------------------------------------------------
\4\ The Commission has modified the text of the summaries
prepared by OCC.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The purpose of this proposed rule change is to provide an
interpretation to Rule 401 to allow clearing members to use OCC systems
to update certain non-critical trade data with respect to exchange
transactions involving securities options provided such updates do not
contravene any rule of the exchange on which such transactions were
effected. Examples of non-critical option trade data that would
eligible for updating by clearing members include: open/close
indicators, account type, account numbers, Clearing Member Trade
Assignment clearing member numbers, and optional data field remarks.
Rule 401 concerns the reporting of matching trade information by
exchanges to OCC. An interpretation to Rule 401 allows clearing members
to use OCC systems to update certain non-critical trade data with
respect to exchange transactions involving futures provided such
updates do not contravene any rule of the exchange on which such
transaction was effected. Clearing members recently have asked that OCC
expand this to cover options transactions. The request was processed
through the OCC Roundtable, an advisory group comprised of clearing
members, options exchanges, and service bureaus, which assesses
operational improvements that may be implemented at OCC to increase
efficiencies and lower costs to industry participants.
As in exchange transactions involving futures, OCC's systems would
be configured to ``bust'' the submitted trade and to add a new trade
that includes the change. This provides an audit trail for OCC and the
affected exchange. OCC also would provide functionality to allow an
exchange to prevent such updates from happening at OCC for trades
executed on its market.
To accommodate this request, a minor change will be made to
Interpretation and Policy .02 to Rule 401. The change will allow
clearing members to use OCC's systems to update non-critical trade
information with respect to all exchange transactions involving
securities options with the restriction that such updates may not be in
contravention of any rule of the exchange on which the transaction was
effected. 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 will have any
impact or 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 relating to the proposed rule change have not been
solicited or received. OCC will notify the Commission of any written
comments received by OCC.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has become effective upon filing
pursuant to Section 19(b)(3)(A)(iii) of the Act \5\ and Rule 19b-
4(f)(4) \6\ thereunder because the proposed rule change affects a
change in an existing service of OCC that: (i) does not adversely
affect the safeguarding of securities or funds within the custody or
control of OCC or for which OCC is responsible; and (ii) does not
significantly affect the respective rights or obligations of clearing
members which would use the service or of OCC. At any time within 60
days of the filing of the proposed rule change, the Commission
summarily may temporarily suspend 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.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A)(iii).
\6\ 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-2011-07 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-OCC-2011-07. 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 website
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 filings 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/components/docs/legal/rules_and_bylaws/sr_occ_11_07.pdf.
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-2011-07
and should be submitted on or before July 14, 2011.
[[Page 36945]]
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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Cathy H. Ahn,
Deputy Secretary .
[FR Doc. 2011-15659 Filed 6-22-11; 8:45 am]
BILLING CODE 8011-01-P
