Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the MSCI EAFE Index, 33013-33014 [2012-13406]

Download as PDF Federal Register / Vol. 77, No. 107 / Monday, June 4, 2012 / Notices submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR– NYSEArca–2012–46 and should be submitted on or before June 25, 2012. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–13405 Filed 6–1–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67070; File No. SR–ICC– 2012–04] Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change To Add Rules Related to the Clearing of Emerging Markets Sovereign Index Credit Default Swaps For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–13410 Filed 6–1–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67071; File No. SR–Phlx– 2012–67] May 29, 2012. ebenthall on DSK5SPTVN1PROD with NOTICES The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider this proposed rule change, which would allow ICC to list the five year tenor of the CDX Emerging Markets Index CDS, Series 14, 15, 16 and 17 contracts. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,5 designates July 13, 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 (SR–ICC–2012–04). On April 3, 2012, ICE Clear Credit (‘‘ICC’’) 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 amend Section 26C, Section 26E, and Schedule 502 of ICC’s rulebook. The proposed rule change was published for comment in the Federal Register on April 16, 2012.3 The Commission received no comments on this proposal. Section 19(b)(2) of the Act 4 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up 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 from the publication of notice of filing of this proposed rule change is May 31, 2012. The Commission is extending this 45day time period. Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the MSCI EAFE Index May 29, 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 16, 2012, NASDAQ OMX PHLX LLC (‘‘Phlx’’ or ‘‘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 the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the trading hours for options on the MSCI EAFE Index.3 The text of the proposed rule change is available on the Exchange’s Web site at https://www.nasdaqtrader.com/ 5 15 16 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 66777 (April 10, 2012), 77 FR 22623 (April 16, 2012). 4 15 U.S.C. 78s(b)(2). VerDate Mar<15>2010 16:10 Jun 01, 2012 Jkt 226001 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. 3 The Exchange has entered into a license agreement with MSCI Inc. (‘‘MSCI’’) to list this product. 6 17 PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 33013 micro.aspx?id=PHLXRulefilings, at the principal office of the Exchange, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange 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 the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Exchange Rule 1101A entitled ‘‘Terms of Option Contracts’’ to change the trading hours for options on the MSCI EAFE Index on the last trading day prior to expiration. Specifically, the Exchange proposes to amend Commentary .01 of Exchange Rule 1101A to note that ‘‘Transactions in options on the Full Value MSCI EAFE Index may be effected on the Exchange until 4:15 p.m. each business day, except that on the last trading day prior to expiration transactions may be effected on the Exchange until 11:00 a.m.’’ For example, for the month of May 2012, options on the MSCI EAFE Index would trade until 4:15 each day except for May 18, 2012. Because May 19, 2012 is an expiration day, the Exchange would trade options on the MSCI EAFE Index until 11:00 a.m. on May 18, 2012, the last trading day prior to expiration.4 Futures on the MSCI EAFE Index currently trade at NYSE Liffe and these futures cease trading at 11:00 a.m. on the third Friday of the month.5 The Exchange proposes to similarly cease trading options on the MSCI EAFE Index at 11:00 a.m. on the trading day 4 The expiration date for options on the MSCI EAFE index is the Saturday following the third Friday of the expiration month. These options expire each month of the calendar year. 5 NYSE Liffe futures based on the MSCI EAFE Mini Index utilizes p.m. closing prices for settlement. Futures for the MSCI EAFE Index were listed for trading on September 8, 2009. See https:// www.nyse.com/pdfs/19-2009.pdf. On June 20, 2011, NYSE Liffe became the sole Designated Contract Market to list futures on the MSCI EAFE Index. See https://www.nyse.com/pdfs/15-2011.pdf. Futures on the MSCI EAFE Index expire on a quarterly cycle. E:\FR\FM\04JNN1.SGM 04JNN1 33014 Federal Register / Vol. 77, No. 107 / Monday, June 4, 2012 / Notices preceding expiration.6 At the time that the Exchange filed to list options on the MSCI EAFE Index,7 it inadvertently did not amend the trading hours to reflect similar hours as that of the futures products. The Exchange believes that closing the trading of options on the MSCI EAFE Index early on the last trading day prior to expiration would align the trading of options with that of futures on the MSCI EAFE Index, which today closes at 11:00 a.m. on the trading day preceding expiration in each cycle month.8 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act 9 in general, and furthers the objectives of Section 6(b)(5) of the Act 10 in particular, in that it is designed 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, by amending the trading hours to coincide with the trading hours of futures on the MSCI EAFE Index. The Exchange believes closing the trading of options on the MSCI EAFE Index early on the last trading day prior to expiration, similar to MSCI EAFE futures products would align both options and futures on the MSCI EAFE Index. The Exchange also believes that aligning the trading hours for products which trade on the MSCI EAFE Index would provide investors and market makers a greater ability to hedge. 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 not necessary or appropriate in furtherance of the purposes of the Act. ebenthall on DSK5SPTVN1PROD with NOTICES 6 The settlement value for expiring options on the MSCI EAFE Index would be based on the closing prices of the component stocks on the last trading day prior to expiration, usually a Friday. Specifically, the MSCI EAFE Index components open with the start of trading in Asia at 6:00 p.m. E.T. (prior day) and closes with the end of trading in Europe at 12:30 p.m. E.T. (the next day) as closing prices from Ireland are accounted for in the closing calculation. The closing index level value is distributed by MSCI between 2:00 and 2:30 p.m. e.t. each trading day. 7 See Securities Exchange Act Release No. 66861 (April 26, 2012), 77 FR 26056 (May 2, 2012) (SR– Phlx–2012–28). 8 The Exchange would issue an Options Trader Alert when this filing becomes effective to notify its members when the close of trading hours will change to 11:00 a.m. 9 15 U.S.C. 78f(b). 10 15 U.S.C. 78f(b)(5). VerDate Mar<15>2010 16:10 Jun 01, 2012 Jkt 226001 C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change: (1) Does not significantly affect the protection of investors or the public interest; (2) does not impose any significant burden on competition; and (3) by its terms does not become operative for 30 days after the date of this filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 11 and Rule 19b–4(f)(6) thereunder.12 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–Phlx-2012–67 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–Phlx–2012–67. This file 11 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). In addition, Rule 19b4(f)(6)(iii) requires a self-regulatory organization to provide the Commission with written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has fulfilled this requirement. 12 17 PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 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 a.m. and 3 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–Phlx– 2012–67 and should be submitted on or before June 25, 2012. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–13406 Filed 6–1–12; 8:45 am] BILLING CODE 8011–01–P DEPARTMENT OF STATE [Public Notice 7912] Advisory Committee on International Economic Policy; Notice of Open Meeting The Advisory Committee on International Economic Policy (ACIEP) will meet from 2 p.m. to 4 p.m. on Wednesday, June 20, 2012, in room 1107 of the Harry S. Truman Building at the U.S. Department of State, 2201 C Street NW., Washington, DC. The meeting will be hosted by the Assistant Secretary of State for Economic and Business Affairs Jose W. Fernandez and Committee Chair Ted Kassinger. The ACIEP serves the U.S. Government in a solely advisory capacity, and provides 13 17 E:\FR\FM\04JNN1.SGM CFR 200.30–3(a)(12). 04JNN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 77, Number 107 (Monday, June 4, 2012)]
[Notices]
[Pages 33013-33014]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-13406]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67071; File No. SR-Phlx-2012-67]

Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
the MSCI EAFE Index

May 29, 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 16, 2012, NASDAQ OMX PHLX LLC (``Phlx'' or ``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 the Exchange. 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 Exchange proposes to amend the trading hours for options on the
MSCI EAFE Index.\3\
---------------------------------------------------------------------------

\3\ The Exchange has entered into a license agreement with MSCI
Inc. (``MSCI'') to list this product.
---------------------------------------------------------------------------

The text of the proposed rule change is available on the Exchange's
Web site at https://www.nasdaqtrader.com/micro.aspx?id=PHLXRulefilings,
at the principal office of the Exchange, and at the Commission's Public
Reference Room.

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

In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange 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 the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
The Exchange proposes to amend Exchange Rule 1101A entitled ``Terms
of Option Contracts'' to change the trading hours for options on the
MSCI EAFE Index on the last trading day prior to expiration.
Specifically, the Exchange proposes to amend Commentary .01 of Exchange
Rule 1101A to note that ``Transactions in options on the Full Value
MSCI EAFE Index may be effected on the Exchange until 4:15 p.m. each
business day, except that on the last trading day prior to expiration
transactions may be effected on the Exchange until 11:00 a.m.'' For
example, for the month of May 2012, options on the MSCI EAFE Index
would trade until 4:15 each day except for May 18, 2012. Because May
19, 2012 is an expiration day, the Exchange would trade options on the
MSCI EAFE Index until 11:00 a.m. on May 18, 2012, the last trading day
prior to expiration.\4\
---------------------------------------------------------------------------

\4\ The expiration date for options on the MSCI EAFE index is
the Saturday following the third Friday of the expiration month.
These options expire each month of the calendar year.
---------------------------------------------------------------------------

Futures on the MSCI EAFE Index currently trade at NYSE Liffe and
these futures cease trading at 11:00 a.m. on the third Friday of the
month.\5\ The Exchange proposes to similarly cease trading options on
the MSCI EAFE Index at 11:00 a.m. on the trading day

[[Page 33014]]

preceding expiration.\6\ At the time that the Exchange filed to list
options on the MSCI EAFE Index,\7\ it inadvertently did not amend the
trading hours to reflect similar hours as that of the futures products.
The Exchange believes that closing the trading of options on the MSCI
EAFE Index early on the last trading day prior to expiration would
align the trading of options with that of futures on the MSCI EAFE
Index, which today closes at 11:00 a.m. on the trading day preceding
expiration in each cycle month.\8\
---------------------------------------------------------------------------

\5\ NYSE Liffe futures based on the MSCI EAFE Mini Index
utilizes p.m. closing prices for settlement. Futures for the MSCI
EAFE Index were listed for trading on September 8, 2009. See https://www.nyse.com/pdfs/19-2009.pdf. On June 20, 2011, NYSE Liffe became
the sole Designated Contract Market to list futures on the MSCI EAFE
Index. See https://www.nyse.com/pdfs/15-2011.pdf. Futures on the MSCI
EAFE Index expire on a quarterly cycle.
\6\ The settlement value for expiring options on the MSCI EAFE
Index would be based on the closing prices of the component stocks
on the last trading day prior to expiration, usually a Friday.
Specifically, the MSCI EAFE Index components open with the start of
trading in Asia at 6:00 p.m. E.T. (prior day) and closes with the
end of trading in Europe at 12:30 p.m. E.T. (the next day) as
closing prices from Ireland are accounted for in the closing
calculation. The closing index level value is distributed by MSCI
between 2:00 and 2:30 p.m. e.t. each trading day.
\7\ See Securities Exchange Act Release No. 66861 (April 26,
2012), 77 FR 26056 (May 2, 2012) (SR-Phlx-2012-28).
\8\ The Exchange would issue an Options Trader Alert when this
filing becomes effective to notify its members when the close of
trading hours will change to 11:00 a.m.
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2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \9\ in general, and furthers the objectives of Section
6(b)(5) of the Act \10\ in particular, in that it is designed 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, by amending the trading hours to coincide with the trading
hours of futures on the MSCI EAFE Index.
---------------------------------------------------------------------------

\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

The Exchange believes closing the trading of options on the MSCI
EAFE Index early on the last trading day prior to expiration, similar
to MSCI EAFE futures products would align both options and futures on
the MSCI EAFE Index. The Exchange also believes that aligning the
trading hours for products which trade on the MSCI EAFE Index would
provide investors and market makers a greater ability to hedge.

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 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 either solicited or received.

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

Because the foregoing proposed rule change: (1) Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) by its terms does not become operative for 30 days after the
date of this filing, or such shorter time as the Commission may
designate if consistent with the protection of investors and the public
interest, the proposed rule change has become effective pursuant to
Section 19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(6)
thereunder.\12\
---------------------------------------------------------------------------

\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to provide the Commission
with written notice of its intent to file the proposed rule change,
along with a brief description and text of the proposed rule change,
at least five business days prior to the date of filing of the
proposed rule change, or such shorter time as designated by the
Commission. The Exchange has fulfilled this requirement.
---------------------------------------------------------------------------

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 rule-comments@sec.gov. Please include
File Number SR-Phlx-2012-67 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-Phlx-2012-67. 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
a.m. and 3 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-Phlx-2012-67 and should be
submitted on or before June 25, 2012.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-13406 Filed 6-1-12; 8:45 am]
BILLING CODE 8011-01-P

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