Self-Regulatory Organizations; Options Clearing Corporation; Notice of Filing of Proposed Rule Relating to Clearing Options on the CBOE Silver Volatility Index, 62883-62884 [2011-26140]

Download as PDF Federal Register / Vol. 76, No. 196 / Tuesday, October 11, 2011 / Notices discriminatory for the Exchange to assess the CBOE/CBSX Routing fee to TPHs for executions of orders originating from non-TPH PULSe workstations. The Exchange believes that the $0.02/$0.03 CBOE/CBSX Routing fee rate itself—which will allow for the recoupment of the costs of developing, maintaining, and supporting the PULSe workstation and for income from the value-added services being provided through use of the PULSe workstation—is reasonable and appropriate in light of the facts that it is small in relation to the total costs typically incurred in routing and executing orders and that the amount is comparable to the Exchange’s existing Routing Intermediary fee for awaymarket routing. The Exchange also believes that the lower $0.02 rate for the first 1 million contracts or share equivalent (as compared to the $0.03 rate for each additional contract or share equivalent) is reasonable in that it is designed to help attract and encourage use of the PULSe workstation. Finally, in our consideration that the fee is equitable and not unfairly discriminatory, the Exchange note that use of the PULSe workstation, and the routing technology available through the PULSe workstation, are not compulsory. The service is offered as a convenience and is not the exclusive means available to send or route orders to CBOE or CBSX (or another market). 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 that is not necessary or appropriate in furtherance of 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. mstockstill on DSK4VPTVN1PROD with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The proposed rule change is designated by the Exchange as establishing or changing a due, fee, or other charge, thereby qualifying for effectiveness on filing pursuant to Section 19(b)(3)(A)(ii) of the Act 13 and subparagraph (f)(2) of Rule 19b–4 14 thereunder. 13 15 14 17 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). VerDate Mar<15>2010 20:47 Oct 07, 2011 Jkt 226001 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. 62883 available publicly. All submissions should refer to File Number SR–CBOE– 2011–092 and should be submitted on or before November 1, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Elizabeth M. Murphy, Secretary. 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: [FR Doc. 2011–26139 Filed 10–7–11; 8:45 am] 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–2011–092 on the subject line. Self-Regulatory Organizations; Options Clearing Corporation; Notice of Filing of Proposed Rule Relating to Clearing Options on the CBOE Silver Volatility Index BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65484 File No. SR–OCC– 2011–14] October 4, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 Paper Comments (‘‘Act’’) 1 and Rule 19b–4 thereunder 2 notice is hereby given that on • Send paper comments in triplicate September 27, 2011, The Options to Elizabeth M. Murphy, Secretary, Clearing Corporation (‘‘OCC’’) filed with Securities and Exchange Commission, the Securities and Exchange 100 F Street, NE., Washington, DC Commission (‘‘Commission’’) the 20549–1090. proposed rule change as described in All submissions should refer to File Items I, II, and III below, which Items Number SR–CBOE–2011–092. This file have been prepared primarily by OCC. number should be included on the subject line if e-mail is used. To help the The Commission is publishing this notice to solicit comments on the Commission process and review your proposed rule change from interested comments more efficiently, please use only one method. The Commission will persons. post all comments on the Commission’s I. Self-Regulatory Organization’s Internet Web site (https://www.sec.gov/ Statement of the Terms of Substance of rules/sro.shtml). Copies of the the Proposed Rule Change submission, all subsequent The proposed rule change would amendments, all written statements allow OCC to add an interpretation with respect to the proposed rule following the introduction in Article change that are filed with the XVII of OCC’s By-Laws, clarifying that Commission, and all written OCC will clear and treat as securities communications relating to the options any option contracts on the proposed rule change between the CBOE Silver ETF Volatility Index. Commission and any person, other than II. Self-Regulatory Organization’s those that may be withheld from the Statement of the Purpose of, and public in accordance with the Statutory Basis for, the Proposed Rule provisions of 5 U.S.C. 552, will be Change available for Web site viewing and printing in the Commission’s Public In its filing with the Commission, the Reference Room, 100 F Street, NE., self-regulatory organization included Washington, DC 20549, on official statements concerning the purpose of business days between the hours of 10 and basis for the proposed rule change a.m. and 3 p.m. Copies of such filing and discussed any comments it received also will be available for inspection and on the proposed rule change. The text copying at the principal office of the of these statements may be examined at Exchange. All comments received will the places specified in Item IV below. be posted without change; the The self-regulatory organization has Commission does not edit personal identifying information from 15 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). submissions. You should submit only 2 17 CFR 240.19b–4. information that you wish to make PO 00000 Frm 00129 Fmt 4703 Sfmt 4703 E:\FR\FM\11OCN1.SGM 11OCN1 62884 Federal Register / Vol. 76, No. 196 / Tuesday, October 11, 2011 / Notices mstockstill on DSK4VPTVN1PROD with NOTICES prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of such statements. proposed rule change is not inconsistent with the By-Laws and Rules of OCC. (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 remove any potential cloud on the jurisdictional status of options on the CBOE Silver ETF Volatility Index, which is an index that measures the implied volatility of options on the iShares Silver Trust, an exchange-traded fund designed to reflect the performance of the price of silver.3 To accomplish this purpose, OCC is proposing to amend the interpretation and policy 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 Silver ETF Volatility Index. On December 29, 2010, the Commission approved rule filing SR–OCC–2010–07, which added the existing interpretation, which relates to the treatment and clearing of options on the CBOE Gold ETF Volatility Index. 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 (the ‘‘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 believes that the proposed interpretation of OCC’s By-Laws is consistent with the purposes and requirements of Section 17A of the Exchange Act 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 accomplishes this purpose by reducing the likelihood of a dispute as to the Commission’s jurisdiction over options based on the CBOE Silver ETF Volatility Index. The OCC does not believe that the proposed rule change would impose any burden on competition. 3 The staff notes that on August 11, 2011, the Commission issued an Order granting approval of a proposed rule change to trade options on the CBOE Silver ETF Volatility Index. See Securities Exchange Act Release No. 34–65116, 76 FR 51099 (August 17, 2011). VerDate Mar<15>2010 20:47 Oct 07, 2011 Jkt 226001 (B) Self-Regulatory Organization’s Statement on Burden on Competition (C) Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments were not and are not intended to be solicited with respect to the proposed rule change and none have been received. 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 • Use the Commissions 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–2011–14 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–2011–14. 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 PO 00000 Frm 00130 Fmt 4703 Sfmt 4703 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 Section, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 pm. Copies of such filings will also be available for inspection and copying at the principal office of OCC and on OCC’s Web site athttps:// www.optionsclearing.com/components/ docs/legal/rules_and_bylaws/ sr_occ_11_14.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–2011–14 and should be submitted on or before November 1, 2011. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.4 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–26140 Filed 10–7–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65473; File No. SR–BATS– 2011–043] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc. October 3, 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 30, 2011, BATS Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BATS’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. 4 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\11OCN1.SGM 11OCN1

Agencies

[Federal Register Volume 76, Number 196 (Tuesday, October 11, 2011)]
[Notices]
[Pages 62883-62884]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-26140]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65484 File No. SR-OCC-2011-14]


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

October 4, 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 27, 2011, The Options Clearing Corporation (``OCC'') filed 
with the Securities and Exchange Commission (``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).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of 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, clarifying 
that OCC will clear and treat as securities options any option 
contracts on the CBOE Silver 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, the self-regulatory organization 
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. The self-regulatory organization 
has

[[Page 62884]]

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 remove any potential 
cloud on the jurisdictional status of options on the CBOE Silver ETF 
Volatility Index, which is an index that measures the implied 
volatility of options on the iShares Silver Trust, an exchange-traded 
fund designed to reflect the performance of the price of silver.\3\ To 
accomplish this purpose, OCC is proposing to amend the interpretation 
and policy 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 Silver ETF Volatility Index. On December 
29, 2010, the Commission approved rule filing SR-OCC-2010-07, which 
added the existing interpretation, which relates to the treatment and 
clearing of options on the CBOE Gold ETF Volatility Index.
---------------------------------------------------------------------------

    \3\ The staff notes that on August 11, 2011, the Commission 
issued an Order granting approval of a proposed rule change to trade 
options on the CBOE Silver ETF Volatility Index. See Securities 
Exchange Act Release No. 34-65116, 76 FR 51099 (August 17, 2011).
---------------------------------------------------------------------------

    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 (the ``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 believes that the proposed interpretation of OCC's By-Laws is 
consistent with the purposes and requirements of Section 17A of the 
Exchange Act 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 accomplishes 
this purpose by reducing the likelihood of a dispute as to the 
Commission's jurisdiction over options based on the CBOE Silver 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

    Written comments were not and are not intended to be solicited with 
respect to the proposed rule change and none have been received.

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

     Use the Commissions 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-2011-14 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-2011-14. 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 Section, 100 F Street, 
NE., Washington, DC 20549, on official business days between the hours 
of 10 a.m. and 3 pm. Copies of such filings will also be available for 
inspection and copying at the principal office of OCC and on OCC's Web 
site athttps://www.optionsclearing.com/components/docs/legal/rules_and_bylaws/sr_occ_11_14.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-2011-14 
and should be submitted on or before November 1, 2011.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\4\
---------------------------------------------------------------------------

    \4\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-26140 Filed 10-7-11; 8:45 am]
BILLING CODE 8011-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.