Self-Regulatory Organizations; Chicago Mercantile Exchange, Inc.; Notice of Filing of Proposed Rule Change To Accept Additional Credit Default Index Swaps for Clearing, 60110-60112 [2011-24864]

Download as PDF 60110 Federal Register / Vol. 76, No. 188 / Wednesday, September 28, 2011 / Notices the Section 6(b)(5) 7 requirements that the rules of an exchange be designed to promote just and equitable principles of trade, to prevent fraudulent and manipulative acts, to remove impediments to and to perfect the mechanism for a free and open market and a national market system, and, in general, to protect investors and the public interest. The proposed rule change advances these objectives by making available to Market-Makers a type of order that will assist MarketMakers in preventing unwanted executions against themselves. B. Self-Regulatory Organization’s Statement on Burden on Competition CBOE does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. 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 with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The proposed rule change is filed for immediate effectiveness pursuant to Section 19(b)(3)(A) 8 of the Securities Exchange Act of 1934 and Rule 19b– 4(f)(6) 9 thereunder because it effects a change that (i) Does not significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) by its terms, does not become operative for 30 days after the date of the filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest. 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 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–CBOE–2011–079 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. All submissions should refer to File Number SR–CBOE–2011–079. 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, 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 CBOE. 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–CBOE–2011–079 and should be submitted on or before October 19, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–24866 Filed 9–27–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65378; File No. SR–CME– 2011–07] Self-Regulatory Organizations; Chicago Mercantile Exchange, Inc.; Notice of Filing of Proposed Rule Change To Accept Additional Credit Default Index Swaps for Clearing September 22, 2011. 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 September 9, 2011, the Chicago Mercantile Exchange Inc. (‘‘CME’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change described in Items I and II below, which items have been prepared primarily by CME. The Commission is publishing this Notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of Terms of Substance of the Proposed Rule Change The text of the proposed rule change is below. Italicized text indicates additions; bracketed text indicates deletions. * * * * * Chicago Mercantile Exchange Inc. Rulebook Rule 100—80203—No Change. * * * * * CME Chapter 802 Rules: Appendix 1 Appendix 1 sroberts on DSK5SPTVN1PROD with NOTICES CDX INDICES CDX Index CDX North America Investment Grade (CDX.NA.IG) .................................................................................... 7 15 8 15 U.S.C. 78f(b)(5). U.S.C. 78s(b)(3)(A). VerDate Mar<15>2010 18:20 Sep 27, 2011 9 17 CFR 240.19b–4(f)(6). CFR 200.30–3(a)(12). 10 17 Jkt 223001 PO 00000 Frm 00114 Termination date (scheduled termination) Series Fmt 4703 Sfmt 4703 1 15 2 17 E:\FR\FM\28SEN1.SGM 10 U.S.C. 78s(b)(1). CFR 240.19b–4. 28SEN1 20 Jun 2013. 60111 Federal Register / Vol. 76, No. 188 / Wednesday, September 28, 2011 / Notices CDX INDICES—Continued CDX Index Termination date (scheduled termination) Series CDX North America Investment Grade (CDX.NA.IG) .................................................................................... 11 CDX North America Investment Grade (CDX.NA.IG) .................................................................................... 12 CDX North America Investment Grade (CDX.NA.IG) .................................................................................... 13 CDX North America Investment Grade (CDX.NA.IG) .................................................................................... 14 CDX North America Investment Grade (CDX.NA.IG) .................................................................................... 15 CDX North America Investment Grade (CDX.NA.IG) .................................................................................... 16 CDX North America Investment Grade (CDX.NA.IG) .................................................................................... 17 CDX CDX CDX CDX CDX CDX CDX North North North North North North North 11 12 13 14 15 16 17 * * America America America America America America America * * High High High High High High High Yield Yield Yield Yield Yield Yield Yield (CDX.NA.HY) (CDX.NA.HY) (CDX.NA.HY) (CDX.NA.HY) (CDX.NA.HY) (CDX.NA.HY) (CDX.NA.HY) ............................................................................................... ............................................................................................... ............................................................................................... ............................................................................................... ............................................................................................... ............................................................................................... ............................................................................................... * Rule 80301–End—No change. II. Self-Regulatory Organization’s Statement of Purpose of, and Statutory Basis for, the Proposed Rule Change sroberts on DSK5SPTVN1PROD with NOTICES In its filing with the Commission, CME included statements concerning the purpose 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 III below. CME 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 Purpose of, and Statutory Basis for, the Proposed Rule Change CME offers clearing services for certain credit default swap index products. Currently, CME offers clearing for Markit CDX North American Investment Grade Index Series 10, 11, 12, 13, 14, 15 and 16 and will offer VerDate Mar<15>2010 18:20 Sep 27, 2011 Jkt 223001 Series 17 on September 20, 2011. The proposed rule changes that are the subject of this filing are intended to expand CME’s credit default swap index product offering by adding clearing for Markit CDX North American High Yield Index Series 11, 12, 13, 14, 15, 16 and 17. CME notes that it has also submitted the proposed rule changes that are the subject of this filing to its primary regulator, the Commodity Futures Trading Commission (‘‘CFTC’’). The text of the CME proposed rule amendments is included above, with additions italicized and deletions in brackets. CME believes the proposed rule changes are consistent with the requirements of the Exchange Act including Section 17A of the Exchange Act. CME notes that the proposed rule changes involve the addition of new CFTC-regulated swaps for clearing and therefore are primarily related to CME’s swaps clearing activities pursuant to its registration as a derivatives clearing organization under the Commodity PO 00000 Frm 00115 Fmt 4703 Sfmt 4703 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 Jun 2015. Jun 2018. Dec 2011. Dec 2013. Dec 2015. Dec 2018. Jun 2012. Jun 2014. Jun 2016. Jun 2019. Dec 2012. Dec 2014. Dec 2016. Dec 2019. Jun 2013. Jun 2015. Jun 2017. Jun 2020. Dec 2013. Dec 2015. Dec 2017. Dec 2020. Jun 2014. Jun 2016. Jun 2018. Jun 2021. Dec 2014. Dec 2016. Dec 2018. Dec 2021. Dec 2013. Jun 2014. Dec 2014. Jun 2015. Dec 2015. Jun 2016. Dec 2016. Exchange Act (‘‘CEA’’). CME further notes that the policies of the CEA with respect to clearing are comparable to a number of the policies underlying the Exchange Act, such as promoting market transparency for over-thecounter derivatives markets, promoting the prompt and accurate clearance of transactions and protecting investors and the public interest. The proposed rule changes accomplish those objectives by offering investors clearing for an expanded range of credit default swap products based on broad-based indexes. B. Self-Regulatory Organization’s Statement on Burden on Competition CME does not believe that the proposed rule change will have any impact, or impose any burden, on competition. E:\FR\FM\28SEN1.SGM 28SEN1 60112 Federal Register / Vol. 76, No. 188 / Wednesday, September 28, 2011 / Notices C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others CME has not solicited, and does not intend to solicit, comments regarding this proposed rule change. CME has not received any unsolicited written comments from interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) As the Commission may designate 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 or disapprove the proposed rule change or (B) Institute proceedings to determine whether the proposed rule change should be disapproved. sroberts on DSK5SPTVN1PROD 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 may be submitted by using 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–CME–2011– 07 on the subject line. • Paper comments should be sent 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–CME–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 VerDate Mar<15>2010 18:20 Sep 27, 2011 Jkt 223001 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 CME. 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–CME–2011–07 and should be submitted on or before October 19, 2011. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.3 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–24864 Filed 9–27–11; 8:45 am] BILLING CODE 8011–01–P SOCIAL SECURITY ADMINISTRATION [Docket No. SSA–2011–0073] Consent Based Social Security Number Verification (CBSV) Service Social Security Administration. Notice of Revised Transaction Fee for Consent Based Social Security Number Verification Service. AGENCY: ACTION: We provide limited fee-based Social Security number (SSN) verification service to private businesses and other requesters who obtain a valid, signed consent form from the Social Security number holder. We originally published a notice announcing the CBSV service in the Federal Register on August 10, 2007. Based on the consent forms, we verify the number holders’ SSNs for the requesting party. The Privacy Act of 1974 (5 U.S.C. 552a(b)), section 1106 of the Social Security Act (42 U.S.C. 1306) and our regulation at 20 CFR 401.100, establish the legal authority for us to provide SSN verifications to third party requesters based on consent. The CBSV process provides the business community and other government entities with consent-based disclosures in high volume. We developed CBSV as a user-friendly, internet-based application with safeguards that will protect the public’s information. In addition to the benefit of providing high volume, centralized SSN verification services to the business community in a secure manner, CBSV provides us with cost and workload management benefits. New Information: To use CBSV, interested parties must pay a one-time non-refundable enrollment fee of $5,000. Currently, users also pay a fee of $5.00 per transaction in advance of services. We agreed to calculate our costs periodically for providing CBSV services and adjust the fees as needed. We also agreed to notify our customers who currently use the service and allow them to cancel or continue using the service at the new transaction fee. Based on the most recent cost analysis, we will adjust the fiscal year 2012 fee to $1.05 per transaction. New customers will still be responsible for the one-time $5,000 enrollment fee. DATES: The changes described above are effective October 1, 2011. FOR FURTHER INFORMATION CONTACT: Gerard R. Hart, Office of Public Service and Operations Support, Social Security Administration, 6401 Security Boulevard, Baltimore, MD 21235–6401, (410) 965–8707, for more information about the CBSV service, visit our Internet site, Social Security Online, at https://www.socialsecurity.gov. Gerard R. Hart, Division Director for Public Service and Operations Support. [FR Doc. 2011–24900 Filed 9–27–11; 8:45 am] BILLING CODE 4191–02–P SUMMARY: 3 17 PO 00000 CFR 200.30–3(a)(12). Frm 00116 Fmt 4703 Sfmt 4703 DEPARTMENT OF STATE [Public Notice 7615] Culturally Significant Objects Imported for Exhibition Determinations: ‘‘Byzantium and Islam: Age of Transition (7th–9th Century)’’ Notice is hereby given of the following determinations: Pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), Executive Order 12047 of March 27, 1978, the Foreign Affairs Reform and Restructuring Act of 1998 (112 Stat. 2681, et seq.; 22 U.S.C. 6501 note, et seq.), Delegation of Authority No. 234 of October 1, 1999, and Delegation of Authority No. 236–3 of August 28, 2000 (and, as appropriate, Delegation of Authority No. 257 of April 15, 2003), I hereby determine that the objects to be included in the exhibition ‘‘Byzantium and Islam: Age of Transition (7th–9th Century),’’ imported from abroad for temporary exhibition within the United States, are of cultural significance. The objects are imported pursuant to loan SUMMARY: E:\FR\FM\28SEN1.SGM 28SEN1

Agencies

[Federal Register Volume 76, Number 188 (Wednesday, September 28, 2011)]
[Notices]
[Pages 60110-60112]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-24864]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65378; File No. SR-CME-2011-07]


Self-Regulatory Organizations; Chicago Mercantile Exchange, Inc.; 
Notice of Filing of Proposed Rule Change To Accept Additional Credit 
Default Index Swaps for Clearing

September 22, 2011.
    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 September 9, 2011, the Chicago Mercantile Exchange Inc. (``CME'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change described in Items I and II below, which items 
have been prepared primarily by CME. 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).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of Terms of Substance of 
the Proposed Rule Change

    The text of the proposed rule change is below. Italicized text 
indicates additions; bracketed text indicates deletions.
* * * * *

Chicago Mercantile Exchange Inc. Rulebook

    Rule 100--80203--No Change.
* * * * *

CME Chapter 802 Rules: Appendix 1

Appendix 1

                               CDX Indices
------------------------------------------------------------------------
                                                     Termination date
           CDX Index                 Series             (scheduled
                                                       termination)
------------------------------------------------------------------------
CDX North America Investment                  10  20 Jun 2013.
 Grade (CDX.NA.IG).

[[Page 60111]]

 
                                ................  20 Jun 2015.
                                ................  20 Jun 2018.
CDX North America Investment                  11  20 Dec 2011.
 Grade (CDX.NA.IG).
                                ................  20 Dec 2013.
                                ................  20 Dec 2015.
                                ................  20 Dec 2018.
CDX North America Investment                  12  20 Jun 2012.
 Grade (CDX.NA.IG).
                                ................  20 Jun 2014.
                                ................  20 Jun 2016.
                                ................  20 Jun 2019.
CDX North America Investment                  13  20 Dec 2012.
 Grade (CDX.NA.IG).
                                ................  20 Dec 2014.
                                ................  20 Dec 2016.
                                ................  20 Dec 2019.
CDX North America Investment                  14  20 Jun 2013.
 Grade (CDX.NA.IG).
                                ................  20 Jun 2015.
                                ................  20 Jun 2017.
                                ................  20 Jun 2020.
CDX North America Investment                  15  20 Dec 2013.
 Grade (CDX.NA.IG).
                                ................  20 Dec 2015.
                                ................  20 Dec 2017.
                                ................  20 Dec 2020.
CDX North America Investment                  16  20 Jun 2014.
 Grade (CDX.NA.IG).
                                ................  20 Jun 2016.
                                ................  20 Jun 2018.
                                ................  20 Jun 2021.
CDX North America Investment                  17  20 Dec 2014.
 Grade (CDX.NA.IG).
                                ................  20 Dec 2016.
                                ................  20 Dec 2018.
                                ................  20 Dec 2021.
CDX North America High Yield                  11  20 Dec 2013.
 (CDX.NA.HY).
CDX North America High Yield                  12  20 Jun 2014.
 (CDX.NA.HY).
CDX North America High Yield                  13  20 Dec 2014.
 (CDX.NA.HY).
CDX North America High Yield                  14  20 Jun 2015.
 (CDX.NA.HY).
CDX North America High Yield                  15  20 Dec 2015.
 (CDX.NA.HY).
CDX North America High Yield                  16  20 Jun 2016.
 (CDX.NA.HY).
CDX North America High Yield                  17  20 Dec 2016.
 (CDX.NA.HY).
------------------------------------------------------------------------

* * * * *
    Rule 80301-End--No change.

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

    In its filing with the Commission, CME included statements 
concerning the purpose 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 III below. CME 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 Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    CME offers clearing services for certain credit default swap index 
products. Currently, CME offers clearing for Markit CDX North American 
Investment Grade Index Series 10, 11, 12, 13, 14, 15 and 16 and will 
offer Series 17 on September 20, 2011. The proposed rule changes that 
are the subject of this filing are intended to expand CME's credit 
default swap index product offering by adding clearing for Markit CDX 
North American High Yield Index Series 11, 12, 13, 14, 15, 16 and 17.
    CME notes that it has also submitted the proposed rule changes that 
are the subject of this filing to its primary regulator, the Commodity 
Futures Trading Commission (``CFTC''). The text of the CME proposed 
rule amendments is included above, with additions italicized and 
deletions in brackets.
    CME believes the proposed rule changes are consistent with the 
requirements of the Exchange Act including Section 17A of the Exchange 
Act. CME notes that the proposed rule changes involve the addition of 
new CFTC-regulated swaps for clearing and therefore are primarily 
related to CME's swaps clearing activities pursuant to its registration 
as a derivatives clearing organization under the Commodity Exchange Act 
(``CEA''). CME further notes that the policies of the CEA with respect 
to clearing are comparable to a number of the policies underlying the 
Exchange Act, such as promoting market transparency for over-the-
counter derivatives markets, promoting the prompt and accurate 
clearance of transactions and protecting investors and the public 
interest. The proposed rule changes accomplish those objectives by 
offering investors clearing for an expanded range of credit default 
swap products based on broad-based indexes.

B. Self-Regulatory Organization's Statement on Burden on Competition

    CME does not believe that the proposed rule change will have any 
impact, or impose any burden, on competition.

[[Page 60112]]

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

    CME has not solicited, and does not intend to solicit, comments 
regarding this proposed rule change. CME has not received any 
unsolicited written comments from interested parties.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) As the 
Commission may designate 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 or disapprove 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 may be submitted by using 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-CME-2011-07 on the subject line.
     Paper comments should be sent 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-CME-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 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 CME. 
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-CME-2011-07 and 
should be submitted on or before October 19, 2011.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\3\
---------------------------------------------------------------------------

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

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-24864 Filed 9-27-11; 8:45 am]
BILLING CODE 8011-01-P
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