Self-Regulatory Organizations; Chicago Mercantile Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify a Fee Program Related to Its OTC Interest Rate Swap Clearing Offering, 31416-31418 [2012-12723]

Download as PDF 31416 Federal Register / Vol. 77, No. 102 / Friday, May 25, 2012 / Notices Holder,’’ and ‘‘NYSE Amex Options’’ would not be changed. The Exchange proposes to update the Exchange’s address in Sections 332 and 350 of the Company Guide and Rule 341A. In addition, the Exchange proposes to simplify cross-references within the Exchange’s rules. References to ‘‘Exchange Rule’’ or ‘‘NYSE Amex Rule’’ would be shortened to ‘‘Rule’’ and references to ‘‘NYSE Amex Equities’’ would be shorted to ‘‘Equities’’ (e.g., Rule 0—NYSE Amex Equities would become Rule 0—Equities). None of the foregoing changes are substantive.5 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the ‘‘Act’’),6 in general, and Section 6(b)(5) of the Act,7 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, 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. The Exchange proposes to change its name for marketing purposes, and the proposed rule change is intended to accurately reflect the name change in the Exchange’s rules and governing documents. In addition, the Exchange is proposing certain changes that would make the rule text simpler and more uniform so that it will be easier for market participants to use, which is in the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. mstockstill on DSK4VPTVN1PROD with NOTICES C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. 5 The Exchange will submit subsequent rule filings as necessary to make any technical corrections to proposed rule changes that are pending as of the date of submission of this filing and approved by the Commission thereafter. 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). VerDate Mar<15>2010 17:55 May 24, 2012 Jkt 226001 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposed rule change is concerned solely with the administration of the Exchange pursuant to Section 19(b)(3)(A)(iii) 8 of the Act and Rule 19b-4(f)(3) 9 thereunder. Accordingly, the proposal will take effect upon filing with the Commission. 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 email to rulecomments@sec.gov. Please include File Number SR–NYSEAmex-2012–32 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–NYSEAmex-2012–32. This file number should be included on the subject line if email 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 8 15 9 17 PO 00000 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b-4(f)(3). Frm 00127 Fmt 4703 Sfmt 4703 printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR– NYSEAmex-2012–32 and should be submitted on or before June 15, 2012. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–12794 Filed 5–24–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67036; File No. SR–CME– 2012–18] Self-Regulatory Organizations; Chicago Mercantile Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify a Fee Program Related to Its OTC Interest Rate Swap Clearing Offering May 21, 2012. 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 May 9, 2011, Chicago Mercantile Exchange, Inc. (‘‘CME’’) 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 CME. CME filed the proposed rule change pursuant to Section 19(b)(3)(A)(ii) 3 of the Act and Rule 19b–4(f)(2) 4 thereunder, so that the proposed rule change was effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested parties. 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 1 15 E:\FR\FM\25MYN1.SGM 25MYN1 Federal Register / Vol. 77, No. 102 / Friday, May 25, 2012 / Notices I. Self-Regulatory Organization’s Statement of Terms of Substance of the Proposed Rule Change CME is proposing to make certain feerelated changes that would apply to its OTC Interest Rate Swap clearing offering.5 The text of the proposed changes is listed below. Additions are in italics, deletions in brackets. * * * * * CME Incentive Program for Over-TheCounter Interest Rate Swaps Program Purpose The purpose of the Program is to incentivize participants to increase the volume in CME over-the-counter (‘‘OTC’’) interest rate swaps which will improve market liquidity. The resulting addition of liquidity for these Products (as defined below) benefits all participants in the market. Product Scope CME OTC Interest Rate Swaps cleared by the Clearing House (‘‘Products’’). Eligible Participants CME may designate up to [five (5)] six (6) participants in the Program based on their level of expertise and experience with the Products. Participants may be CME members and/or non-members. CME will also take potential participants’ experience in the Products and historical volume in the Products with the Clearing House when making its selections. Program Term Non-Asset Managers Qualification Period: January 6, 2012 through December 31, 2012 Earned Incentive Period: January 1, 2013 through December 31, 2016 Asset Managers Qualification Period: January 6, 2012 through December 31, 2012 Earned Incentive Period: January 1, 2013 through December 31, 2021 Hours N/A Obligations mstockstill on DSK4VPTVN1PROD with NOTICES Participants must provide designated accounts to CME in order for the account to receive consideration for the incentives described below. Incentives 1. Fee Discounts. Once accepted into the Program, participants will be eligible to receive predetermined 5 CME previously established the fee program in another rule filing. See Exchange Act Release No. 34–66102 (January 5, 2012), 77 FR 1775 (January 11, 2012) [CME–2011–22]. VerDate Mar<15>2010 17:55 May 24, 2012 Jkt 226001 discounts for transaction fees and maintenance fees in the Products during the Term. 2. Volume Discount Incentives. Additionally, once accepted into the Program, participants may qualify for predetermined fee discounts based on the overall fees charged for transactions in the Products submitted to the Clearing House during the Qualification Period. Monitoring and Termination of Status The Clearing House shall monitor participants’ activity and performance and shall retain the right to revoke Program participant status if they conclude from review that a Program participant no longer meets the eligibility requirements of the Program. 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 IV below. CME has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.6 A. Self-Regulatory Organization’s Statement of Purpose of, and Statutory Basis for, the Proposed Rule Change CME currently offers clearing for certain OTC Interest Rate Swap products. CME has certain fee programs that apply to its OTC Interest Rate Swap (‘‘IRS’’) clearing offering. The proposed changes that are the subject of this filing modify one of its existing fee programs. The proposed changes are related to the fees CME charges for clearing and therefore will become effective upon filing. However, the Program will become operative on May 23, 2012. The proposed changes modify a current volume incentive program that is designed to incentivize participants to increase their volume in CME OTC IRS through predetermined fee discounts for transaction fees and maintenance fees (‘‘Program’’). The Program currently may include up to five participants (including CME members and/or nonmembers) designated by CME based on factors including potential participants’ experience in IRS activities and historical volumes in IRS with CME. The change proposed by this filing would simply increase the number of eligible participants from five to six. Pursuant to Commodity Futures Trading Commission (‘‘CFTC’’) regulations, the Program has been interpreted by CME as an incentive program subject to CFTC Regulation 40.6(d), requiring a self-certification filing to the CFTC, although no change to text of the CME rulebook is required. CME notes that it has already certified the proposed changes that are the subject of this filing to its primary regulator, the CFTC, in CME Submission No. 12–136. The text of the CME proposed changes is above. The proposed changes establish or change a member due, fee or other charge imposed by CME under Section 19(b)(3)(A)(ii) of the Securities Exchange Act of 1934 and Rule 19b– 4(f)(2) thereunder. CME believes that the proposed changes are consistent with the requirements of the Act and the rules and regulations thereunder and, in particular, to 17A(b)(3)(D),7 in that it provides for the equitable allocation of reasonable dues, fees and other charges among participants. CME notes that it operates in a highly competitive market in which market participants can readily direct business to competing venues. 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. 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 The foregoing rule change was filed pursuant to Section 19(b)(3)(A)(ii) 8 of the Act and Rule 19b–4(f)(2) 9 thereunder and thus became effective upon filing because it establishes or changes a due, fee, or other charge applicable to a member. At any time within sixty days of the filing of such rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission 7 15 6 The Commission has modified the text of the summaries prepared by CME. PO 00000 Frm 00128 Fmt 4703 Sfmt 4703 31417 U.S.C. 78q–1(b)(3)(D). U.S.C. 78s(b)(3)(A)(ii). 9 17 CFR 240.19b–4(f)(2). 8 15 E:\FR\FM\25MYN1.SGM 25MYN1 31418 Federal Register / Vol. 77, No. 102 / Friday, May 25, 2012 / Notices 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. [FR Doc. 2012–12723 Filed 5–24–12; 8:45 am] IV. Solicitation of Comments BILLING CODE 8011–01–P mstockstill on DSK4VPTVN1PROD with NOTICES 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 email to rule-comments@sec.gov. Please include File No. SR–CME–2012– 18 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–2012–18. This file number should be included on the subject line if email 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 10:00 a.m. and 3:00 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– 2012–18 and should be submitted on or before June 15, 2012. VerDate Mar<15>2010 17:55 May 24, 2012 Jkt 226001 For the Commission by the Division of Trading and Markets, pursuant to delegated authority.10 Kevin M. O’Neill, Deputy Secretary. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67034; File No. SR– NYSEArca–2012–26] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change To List and Trade Option Contracts Overlying 10 Shares of a Security (‘‘Mini-Options Contracts’’) and Implement Rule Text Necessary To Distinguish Mini-Options Contracts From Option Contracts Overlying 100 Shares of a Security (‘‘Standard Contracts’’) May 21, 2012. On March 23, 2012, NYSE Arca, Inc. (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to list and trade option contracts overlying 10 shares of a security (‘‘minioptions contracts’’) and implement rule text necessary to distinguish minioptions contracts from option contracts overlying 100 shares of a security (‘‘standard contracts’’). The proposed rule change was published for comment in the Federal Register on April 9, 2012.3 The Commission received five comment letters on the proposal.4 Section 19(b)(2) of the Act 5 provides that, within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 66725 (April 3, 2012), 77 FR 21120. 4 See email from Danon Robinson, Founding Partner, Toro Trading, LLC, dated April 5, 2012; letter from Joan C. Conley, Senior Vice President and Corporate Secretary, The NASDAQ OMX Group, Inc., to Elizabeth M. Murphy, Secretary, Commission, dated April 30, 2012; letter from Manisha Kimmel, Executive Director, Financial Information Forum, to Elizabeth M. Murphy, Secretary, Commission, dated April 30, 2012; letter from Christopher Nagy, Managing Director Order Routing and Market Data Strategy, TD Ameritrade, Inc., to Elizabeth M. Murphy, Secretary, Commission, dated April 30, 2012; and letter from Edward T. Tilly, President and Chief Operating Officer, Chicago Board Options Exchange, Incorporated, to Elizabeth M. Murphy, Secretary, Commission, dated April 30, 2012. 5 15 U.S.C. 78s(b)(2). 1 15 PO 00000 Frm 00129 Fmt 4703 Sfmt 4703 to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day for this filing is May 24, 2012. The Commission is extending this 45-day time period. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change, the comment letters received, and any response to the comment letters submitted by NYSE Arca. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,6 designates July 8, 2012 as the date by which the Commission should either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–NYSEArca–2012–26). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–12721 Filed 5–24–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67023; File No. SR–C2– 2012–013] Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule May 18, 2012. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on May 14, 2012, C2 Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘C2’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the 6 15 U.S.C. 78s(b)(2). CFR 200.30–3(a)(31). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 7 17 E:\FR\FM\25MYN1.SGM 25MYN1

Agencies

[Federal Register Volume 77, Number 102 (Friday, May 25, 2012)]
[Notices]
[Pages 31416-31418]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-12723]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67036; File No. SR-CME-2012-18]


Self-Regulatory Organizations; Chicago Mercantile Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Modify a Fee Program Related to Its OTC Interest Rate Swap Clearing 
Offering

May 21, 2012.
    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 May 9, 2011, Chicago Mercantile Exchange, Inc. (``CME'') 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 CME. CME filed the proposed rule change 
pursuant to Section 19(b)(3)(A)(ii) \3\ of the Act and Rule 19b-4(f)(2) 
\4\ thereunder, so that the proposed rule change was effective upon 
filing with the Commission. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested parties.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).

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

[[Page 31417]]

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

    CME is proposing to make certain fee-related changes that would 
apply to its OTC Interest Rate Swap clearing offering.\5\ The text of 
the proposed changes is listed below. Additions are in italics, 
deletions in brackets.
---------------------------------------------------------------------------

    \5\ CME previously established the fee program in another rule 
filing. See Exchange Act Release No. 34-66102 (January 5, 2012), 77 
FR 1775 (January 11, 2012) [CME-2011-22].
---------------------------------------------------------------------------

* * * * *

CME Incentive Program for Over-The-Counter Interest Rate Swaps

Program Purpose

    The purpose of the Program is to incentivize participants to 
increase the volume in CME over-the-counter (``OTC'') interest rate 
swaps which will improve market liquidity. The resulting addition of 
liquidity for these Products (as defined below) benefits all 
participants in the market.

Product Scope

    CME OTC Interest Rate Swaps cleared by the Clearing House 
(``Products'').

Eligible Participants

    CME may designate up to [five (5)] six (6) participants in the 
Program based on their level of expertise and experience with the 
Products. Participants may be CME members and/or non-members. CME will 
also take potential participants' experience in the Products and 
historical volume in the Products with the Clearing House when making 
its selections.

Program Term

Non-Asset Managers
Qualification Period: January 6, 2012 through December 31, 2012
Earned Incentive Period: January 1, 2013 through December 31, 2016
Asset Managers
Qualification Period: January 6, 2012 through December 31, 2012
Earned Incentive Period: January 1, 2013 through December 31, 2021

Hours

N/A

Obligations

    Participants must provide designated accounts to CME in order for 
the account to receive consideration for the incentives described 
below.

Incentives

    1. Fee Discounts. Once accepted into the Program, participants will 
be eligible to receive predetermined discounts for transaction fees and 
maintenance fees in the Products during the Term.
    2. Volume Discount Incentives. Additionally, once accepted into the 
Program, participants may qualify for predetermined fee discounts based 
on the overall fees charged for transactions in the Products submitted 
to the Clearing House during the Qualification Period.

Monitoring and Termination of Status

    The Clearing House shall monitor participants' activity and 
performance and shall retain the right to revoke Program participant 
status if they conclude from review that a Program participant no 
longer meets the eligibility requirements of the Program.

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 IV below. CME has prepared summaries, set forth in sections A, B, 
and C below, of the most significant aspects of such statements.\6\
---------------------------------------------------------------------------

    \6\ The Commission has modified the text of the summaries 
prepared by CME.
---------------------------------------------------------------------------

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

    CME currently offers clearing for certain OTC Interest Rate Swap 
products. CME has certain fee programs that apply to its OTC Interest 
Rate Swap (``IRS'') clearing offering. The proposed changes that are 
the subject of this filing modify one of its existing fee programs. The 
proposed changes are related to the fees CME charges for clearing and 
therefore will become effective upon filing. However, the Program will 
become operative on May 23, 2012.
    The proposed changes modify a current volume incentive program that 
is designed to incentivize participants to increase their volume in CME 
OTC IRS through predetermined fee discounts for transaction fees and 
maintenance fees (``Program''). The Program currently may include up to 
five participants (including CME members and/or non-members) designated 
by CME based on factors including potential participants' experience in 
IRS activities and historical volumes in IRS with CME. The change 
proposed by this filing would simply increase the number of eligible 
participants from five to six.
    Pursuant to Commodity Futures Trading Commission (``CFTC'') 
regulations, the Program has been interpreted by CME as an incentive 
program subject to CFTC Regulation 40.6(d), requiring a self-
certification filing to the CFTC, although no change to text of the CME 
rulebook is required. CME notes that it has already certified the 
proposed changes that are the subject of this filing to its primary 
regulator, the CFTC, in CME Submission No. 12-136. The text of the CME 
proposed changes is above. The proposed changes establish or change a 
member due, fee or other charge imposed by CME under Section 
19(b)(3)(A)(ii) of the Securities Exchange Act of 1934 and Rule 19b-
4(f)(2) thereunder. CME believes that the proposed changes are 
consistent with the requirements of the Act and the rules and 
regulations thereunder and, in particular, to 17A(b)(3)(D),\7\ in that 
it provides for the equitable allocation of reasonable dues, fees and 
other charges among participants. CME notes that it operates in a 
highly competitive market in which market participants can readily 
direct business to competing venues.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78q-1(b)(3)(D).
---------------------------------------------------------------------------

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.

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

    The foregoing rule change was filed pursuant to Section 
19(b)(3)(A)(ii) \8\ of the Act and Rule 19b-4(f)(2) \9\ thereunder and 
thus became effective upon filing because it establishes or changes a 
due, fee, or other charge applicable to a member. At any time within 
sixty days of the filing of such rule change, the Commission summarily 
may temporarily suspend such rule change if it appears to the 
Commission

[[Page 31418]]

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.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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 email to rule-comments@sec.gov. Please include 
File No. SR-CME-2012-18 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-2012-18. This file 
number should be included on the subject line if email 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 
10:00 a.m. and 3:00 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-2012-18 and should be 
submitted on or before June 15, 2012.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-12723 Filed 5-24-12; 8:45 am]
BILLING CODE 8011-01-P
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