Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Schedule 502 of the ICC Rules for the June 20, 2012 Index Maturity, 40929-40930 [2012-16880]
Download as PDF
<![CDATA[
Federal Register / Vol. 77, No. 133 / Wednesday, July 11, 2012 / Notices
establishes a process to ensure that
TPHs will be ready to trade on the DRF
if and when necessary; and
contemplates public notice when a
transition to trading on the DRF
becomes necessary.23 Accordingly, the
Commission believes that C2’s DRF
should enable C2 to continue to offer a
marketplace for trading its ELOs
promptly after an event that disables
C2’s main trading system in a manner
that is designed to minimize potential
disruption and market impact.
In addition, the Commission finds
that the proposed rule change is
consistent with Section 6(b)(5) of the
Act,24 which requires, among other
things, that the rules of a national
securities exchange be designed to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
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. Specifically, the
Commission finds the proposed rule
change is reasonably designed to
facilitate transactions by providing
market participants with the necessary
disclosure to understand the Exchange’s
operational capabilities and plans with
respect to its ELOs in the event of a
disruption to C2’s main trading systems.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,25 that the
proposed rule change (SR–C2–2012–
011) be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.26
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012–16881 Filed 7–10–12; 8:45 am]
srobinson on DSK4SPTVN1PROD with NOTICES
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67356; File No. SR–ICC–
2012–10]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Schedule 502
of the ICC Rules for the June 20, 2012
Index Maturity
July 5, 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 June 22,
2012, ICE Clear Credit LLC (‘‘ICC’’) 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 ICC. ICC
filed the proposed rule change pursuant
to Section 19(b)(3)(A) 3 of the Act and
Rule 19b–4(f)(i) 4 thereunder, so 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The purpose of the proposed rule
change is to update Schedule 502 of the
ICC Rules in order to be consistent with
the index maturity, which occurred on
June 20, 2012.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, ICC
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. ICC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.5
(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 update Schedule 502 of the
23 See
Policy Statement, supra note 22, 68 FR at
56658.
24 15 U.S.C. 78f(b)(5).
25 15 U.S.C. 78s(b)(2).
26 17 CFR 200.30–3(a)(12).
VerDate Mar<15>2010
18:11 Jul 10, 2012
Jkt 226001
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(i).
5 The Commission has modified the text of the
summaries prepared by ICC.
PO 00000
1 15
2 17
Frm 00084
Fmt 4703
Sfmt 4703
40929
ICC Rules in order to be consistent with
the index maturity, which occurred on
June 20, 2012. The North American
credit default swap indices that matured
(‘‘Maturing Indices’’) are: Investment
Grade, Series 8, 5-year; Investment
Grade High Volatility, Series 8, 5-year;
and High Yield, Series 8, 5-year. The
Maturing Indices update does not
require any changes to the body of the
ICC Rules. Also, the Maturing Indices
update does not require any changes to
the ICC risk management framework.
The only change being submitted is the
updates to the Maturing Indices in
Schedule 502 of the ICC Rules. ICC
believes that the update to the three
Maturing Indices is consistent with the
purposes and requirements of Section
17A of the Act 6 and the rules and
regulations thereunder applicable to ICC
because it will facilitate the prompt and
accurate settlement of derivative
agreements.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
ICC does not believe that the
proposed rule change will have any
impact or impose any burden on
competition.
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments relating to the
proposed rule change have not been
solicited or received. ICC will notify the
Commission of any written comments
received by ICC.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has become effective upon filing
pursuant to Section 19(b)(3)(A) 7 of the
Act and Rule 19b–4(f)(4)(i) 8 thereunder
because by updating the three Maturing
Indices, it effects a change in an existing
service of ICC that either does not
adversely affect the safeguarding of
securities or funds in the custody or
control of ICC or for which it is
responsible, and does not significantly
affect the respective rights or obligations
of ICC or the persons using it. 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,
6 15
U.S.C. 78q–1.
U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(4)(i).
7 15
E:\FR\FM\11JYN1.SGM
11JYN1
40930
Federal Register / Vol. 77, No. 133 / Wednesday, July 11, 2012 / Notices
or otherwise in furtherance of the
purposes of the Act.
be submitted on or before August 1,
2012.
IV. Solicitation of Comments
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.9
Elizabeth M. Murphy,
Secretary.
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–ICC–2012–10 on the subject
line.
srobinson on DSK4SPTVN1PROD with NOTICES
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–ICC–2012–10. 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 such filings
also will be available for inspection and
copying at the principal office of ICC
and on ICC’s Web site at https://
www.theice.com/publicdocs/
regulatory_filings/
ICEClearCredit_061812.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–ICC–2012–10 and should
VerDate Mar<15>2010
18:11 Jul 10, 2012
Jkt 226001
[FR Doc. 2012–16880 Filed 7–10–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67352; File No. SR–Phlx–
2012–83]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Establish
Distributor Fees for Two Related
Options Market Data Products
July 5, 2012.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1, and Rule 19b–4 2 thereunder,
notice is hereby given that, on June 22,
2012, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘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 proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Phlx proposes to establish distributor
fees for two related options market data
products, PHLX Depth of Market and
PHLX Orders. PHLX Depth of Market
includes full depth of quotes and orders,
imbalance information and last sale data
for options listed on PHLX, and PHLX
Orders provides pricing information for
options orders on the PHLX limit order
book.
The text of the proposed rule change
is available at https://
nasdaqomxphlx.cchwallstreet.com/
nasdaqomxphlx/phlx/, at Phlx’s
principal office, 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
PO 00000
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
Frm 00085
Fmt 4703
Sfmt 4703
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 purpose of the proposed rule
change is to establish distributor fees for
the PHLX Depth of Market (‘‘PHLX
Depth’’) and PHLX Orders options data
products. PHLX Depth is a data product
that provides: (i) Order and quotation
information for individual quotes and
orders on the PHLX book; (ii) last sale
information for trades executed on
PHLX; and (iii) an Imbalance Message as
described in prior rule filings.3 PHLX
Depth provides data that enhances the
ability to analyze market conditions,
and to create and test trading models
and analytical strategies. PHLX Depth of
Market is useful for gaining
comprehensive insight into the trading
activity in a particular option series on
the PHLX market.
PHLX Orders is a real-time full limit
order book data feed that provides
pricing information for orders on the
PHLX limit order book. PHLX Orders is
currently provided as part of the Top of
PHLX Options Plus Orders (‘‘TOPO Plus
Orders’’) data product; PHLX Orders
data is identical to the ‘‘Orders’’ portion
of the TOPO Plus Orders product. PHLX
Orders provides real-time information to
enable users to keep track of the single
order book(s), single and complex
orders,4 imbalance information, and
Complex Order Live Auction
(‘‘COLA’’) 5 for all symbols listed on
PHLX. It is a compilation of data for
limit orders residing on the Exchange’s
limit order book for options traded on
the Exchange that the Exchange
provides through a real-time data feed.
The Exchange updates the information
upon receipt of each displayed limit
3 See Securities Exchange Act Release No. 66967
(May 11, 2012); 77 FR 29440 (May 17, 2012).
4 A Complex Order is an order involving the
simultaneous purchase and/or sale of two or more
different options series in the same underlying
security, priced as a net debit or credit based on the
relative prices of the individual components, for the
same account, for the purpose of executing a
particular investment strategy. See Exchange Rule
1080 08(a)(i).
5 See Exchange Rule 1080 08(e).
E:\FR\FM\11JYN1.SGM
11JYN1
]]>Agencies
[Federal Register Volume 77, Number 133 (Wednesday, July 11, 2012)]
[Notices]
[Pages 40929-40930]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-16880]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67356; File No. SR-ICC-2012-10]
Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Schedule 502 of the ICC Rules for the June 20, 2012 Index Maturity
July 5, 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 June 22, 2012, ICE Clear Credit LLC (``ICC'') 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 ICC. ICC filed the proposed rule change pursuant
to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(i) \4\
thereunder, so 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).
\4\ 17 CFR 240.19b-4(f)(i).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The purpose of the proposed rule change is to update Schedule 502
of the ICC Rules in order to be consistent with the index maturity,
which occurred on June 20, 2012.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, ICC 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. ICC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.\5\
---------------------------------------------------------------------------
\5\ The Commission has modified the text of the summaries
prepared by ICC.
---------------------------------------------------------------------------
(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 update Schedule 502
of the ICC Rules in order to be consistent with the index maturity,
which occurred on June 20, 2012. The North American credit default swap
indices that matured (``Maturing Indices'') are: Investment Grade,
Series 8, 5-year; Investment Grade High Volatility, Series 8, 5-year;
and High Yield, Series 8, 5-year. The Maturing Indices update does not
require any changes to the body of the ICC Rules. Also, the Maturing
Indices update does not require any changes to the ICC risk management
framework. The only change being submitted is the updates to the
Maturing Indices in Schedule 502 of the ICC Rules. ICC believes that
the update to the three Maturing Indices is consistent with the
purposes and requirements of Section 17A of the Act \6\ and the rules
and regulations thereunder applicable to ICC because it will facilitate
the prompt and accurate settlement of derivative agreements.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------
(B) Self-Regulatory Organization's Statement on Burden on Competition
ICC does not believe that the proposed rule change will have any
impact or impose any burden on competition.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants, or Others
Written comments relating to the proposed rule change have not been
solicited or received. ICC will notify the Commission of any written
comments received by ICC.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has become effective upon filing
pursuant to Section 19(b)(3)(A) \7\ of the Act and Rule 19b-4(f)(4)(i)
\8\ thereunder because by updating the three Maturing Indices, it
effects a change in an existing service of ICC that either does not
adversely affect the safeguarding of securities or funds in the custody
or control of ICC or for which it is responsible, and does not
significantly affect the respective rights or obligations of ICC or the
persons using it. 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,
[[Page 40930]]
or otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(4)(i).
---------------------------------------------------------------------------
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-ICC-2012-10 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-ICC-2012-10. 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 such filings also will be available for
inspection and copying at the principal office of ICC and on ICC's Web
site at https://www.theice.com/publicdocs/regulatory_filings/ICEClearCredit_061812.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-ICC-2012-10 and should be submitted on or before August
1, 2012.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-16880 Filed 7-10-12; 8:45 am]
BILLING CODE 8011-01-P
